Mortgage Repossession

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D
Dynamite
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A tenant often wonders what will happen if a landlord fails to pay his mortgage and the property is repossessed by the building society. If mortgage repayments are not met, the building society has a right to vacant possession so they can sell the property in order to recover the outstanding debt. Their powers will normally supersede those of the landlord with whom the tenant has a tenancy agreement. However, the building society is obliged to serve a notice on the occupiers of the property informing them of the proceedings. A tenant must act immediately on receipt of such notice, and explain to the building society that he/she is in occupation. Usually, they will allow a certain amount of time for the tenant to either find alternative accommodation or to be re-housed by the local authority if they are a needy case (e.g. Have children)
06/05/2008 00:00

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