Halifax- unfair terms for consenting to sublet?

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    #16
    If I was in your shoes, I would rent out the flat and don't tell the bank.

    However, make sure your buildings insurance covers you for renting out your property. Also, make sure you get good tenants, see references personaly. And find an agents that charges you on a monthly basis for managing the property rather then takes the money up front, otherwise they will not be motivated to finding you a good tenant.

    Comment


      #17
      Originally posted by rajeshk4u View Post
      If I was in your shoes, I would rent out the flat and don't tell the bank.
      If I were in your shoes, rajeshk4u, I would never advise commission of:
      a. a breach of contract; nor
      b. fraud on the mortgagee.
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

      Comment


        #18
        If I were in your shoes, rajeshk4u, I would never advise commission of:
        a. a breach of contract; nor
        b. fraud on the mortgagee.
        I agree with you, but she has tried the honest approach. And the bank has tried to screw her. She will only get into trouble, if she can't repay the mortgage.

        Banks don't really care, so long as the mortgage is being paid (that is why I suggest get good tenants).

        I was in a similar situation and the bank gave me permission and no penalties... So her bank is being unfair...

        Comment


          #19
          Originally posted by rajeshk4u View Post
          I agree with you, but she has tried the honest approach. And the bank has tried to screw her. She will only get into trouble, if she can't repay the mortgage.

          Banks don't really care, so long as the mortgage is being paid (that is why I suggest get good tenants).

          I was in a similar situation and the bank gave me permission and no penalties... So her bank is being unfair...
          Remind me: how many rights do two wrongs make?
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment


            #20
            Originally posted by jeffrey View Post
            If I were in your shoes, rajeshk4u, I would never advise commission of:
            a. a breach of contract; nor
            b. fraud on the mortgagee.
            Letting a property that was once your residential home would be a breach of your mortgage terms and conditions.

            I can't see the fraud which, as far as I understood, would mean obtaining money by deception ie obtaining the mortgage by claiming you were going to live there when in fact your intention was to let the property. As your application to obtain the mortgage was truthful, I don't see that you have committed the criminal offence of fraud.

            Breaching your mortgage terms and conditions would be a matter between you and your lender, not a criminal matter.

            Comment


              #21
              Originally posted by silvercar View Post
              Letting a property that was once your residential home would be a breach of your mortgage terms and conditions.

              I can't see the fraud which, as far as I understood, would mean obtaining money by deception ie obtaining the mortgage by claiming you were going to live there when in fact your intention was to let the property. As your application to obtain the mortgage was truthful, I don't see that you have committed the criminal offence of fraud.

              Breaching your mortgage terms and conditions would be a matter between you and your lender, not a criminal matter.
              I never alleged a criminal offence, punishable by fine/imprisonment. Fraud is also a tort (civil wrong), compensatable by damages.
              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
              4. *- Contact info: click on my name (blue-highlight link).

              Comment

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