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Property Mentor Investment Questions
The following question was recently submitted to our property experts by an individual looking for advice on how to deal with their property let. If you have got a question regarding your tenancy/property, contact us now via the link to the right.
Submit your own questionsMy landlord has failed to meet his mortgage payments and as a result may get repossessed - is there anything I can do to protect myself?
A: Since the recession, mortgage lenders have been more open to appointing a 'receiver of rent' in the event a landlord falls into arrears with their mortgage. And this is good news compared to their old strategies of evicting tenants so they can sell the property as a 'Mortgagee in Possession.'
Under this new scheme, tenants can stay in the property let and continue paying rent, but in this circumstance the rent is paid to the mortgage lender and not the landlord.
If this has not been suggested to you, I recommend approaching the mortgage lender and seeing if they are open to appointing a 'receiver of rent'. Not only will this enable you to stay in the property, but it will allow them to stay in profit.
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RentWhether you are new to property investment or are looking to expand your existing property portfolio, at Property Mentor we can help.
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