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wingrovebuyer
wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience:  Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
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Hi,I own a property that I let out last year to a private

Customer Question

Hi, I own a property that I let out last year to a private tenant. The tenancy was renewed this year. It seems rather stupid now but, I was previously unaware that lender consent was required to let out a mortgaged property (this is my first time as a landlord). When I discovered this, I telephoned my lender (on a no name basis) and asked what the procedure would be. It was explained that I would be moved to a buy to let rate. The BTL rates on offer at the moment make renting the property out an unviable option and, as I am not prepared to knowingly breach the mortgage, I have decided to serve notice on the tenant and sell. The tenants are due to move out soon and the property is now also on the market. My mortgage payments are up to date but I am acutely aware of the dreadful consequences that can ensure if an LPA receiver is appointed and my mortgage deed makes provision for this upon any breach. I suppose my question is: will the lender discover that the property is occupied by tenants as part of the sale process (although they will be long gone by completion) and what is the likely consequence of them taking action by appointing an LPA receiver if they do, despite the fact that I will already be involved in the sale process?

Submitted: 3 years ago.
Category: Property Law
Expert:  wingrovebuyer replied 3 years ago.

wingrovebuyer : Hello. I really wouldn't worry about this - you made an honest mistake and you've acted to put I right. The fact is, the lender wouldn't try to foreclose for this type of breach anyway. They may have kicked up a fuss because they can increase the rate, but they wouldn't seek to repossess the property for this. They only do that when you fall into arrears. To answer your questions, they won't find out about the tenants due to the sale process, because they won't be checking or looking. Also, you've served notice to quit and the house will soon be vacant. The "breach" is being and will be rectified, and so I doubt they'd even bother to get involved even if they did find out. hope this helps?
Customer :

Thanks very much for that and apologies for not replying/rating earlier as I've been away. Can I just check one thing in respect of your answer before I rate and finish. From recollection, when I acquired the property, the conveyancing solicitor also acted for the mortgage lender (which, I understand, is usual). Is this true also when you come to sell? The reason I ask is because I understand that I will have to complete a seller's questionnaire, which includes a question regarding whether the seller occupies the property and, if not, whether it's occupied by a tenant. If so, will my solicitor be required to provide such information to my lender. I can't see why (and should probably just stop worrying) but I just wanted to get a handle on the process.

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