locumparentis Posted April 20, 2006 Report Share Posted April 20, 2006 Help! How may I continue to remain in the house I let out? My mortgage company has given me notice to vacate the property I share with my tenants because I am told that I am in breach of my mortgage terms by living there. I cannot afford to redeem my mortgage and change to residential because of my tie-in period. My tenants do not want me to leave and feel safe and secure with me in the building. In return, I keep the house clean, tidy and orderly and my mortgage payments are up to date. How can I keep my house and continur to live there? Please help and advise me. Thank you. Link to comment Share on other sites More sharing options...
Mr. Green Posted April 21, 2006 Report Share Posted April 21, 2006 Well I dont know your mortgage terms, but could you not live there as your "tenants" invited guest? Link to comment Share on other sites More sharing options...
hughlss Posted April 21, 2006 Report Share Posted April 21, 2006 The 2 people that should be able to help you are 1. the solicitor who carried out the transaction for you and 2. the mortgage broker involved (if there was one) - they are 'go-betweens' and may be able to 'broker' an arrangement. Sounds to me a rather strange term - as tenants have less security of tenure with a landlord in place, and should present a better risk. Hugh Link to comment Share on other sites More sharing options...
locumparentis Posted April 21, 2006 Author Report Share Posted April 21, 2006 Thank you for your advice, I will contact my Solicitor on Monday to see what he has to say. I have re-read the small print and it is there, that I should not take up occupation at the property. Will see what the outcome with my Solicitor first, then the Broker if necessary and will report back. My mortgage company has told me that they could load my mortgage with another 1%, call in my mortgage and take me to court! Link to comment Share on other sites More sharing options...
hughlss Posted April 23, 2006 Report Share Posted April 23, 2006 When either the solicitor or broker contact the lender they need to emphasise the reduced risk of sitting tenants, but, from the lender point of view - they have to go to their underwriter and get them to tske a view. I think the worry is that if they had to repossess that they might have more difficulty evicting you than a tenant who has signed a lease - a court might not be prepared to make you homeless so easily as someone on a fixed term lease. You could try offering to sign a document to the effect that you would forego all right to occupancy if the mortgage repayments fell behind, or perhaps, even better, offer to pay for an idemnity if someone will accept the risk. Hugh Link to comment Share on other sites More sharing options...
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