With up to 75,000 homes likely to be repossessed by the end of this year.If you rent your home rom a private landlord you might be shocked to discover you have few rights if your landlord gets in to arrears with the mortgage.
If you rent a property in England or Wales and your landlord can't pay their mortgage the most you can expect is a letter from the mortgage lender addressed to the Occupier warning that the property is about to be repossessed.Sometimes these letters arrive days before a repossession hearing in court - and the problem is that tenants often bin these letters assumsing there junk mail.
In Scotland , tenants get more protection and do not automatically have to leave if their home is repossessed.
The goverment is changing the rules in England and Wales so that from 6th April the bank or building society thats looking to repossess will have to give the tenants upto seven weeks notice.Down side the letter will still be addressed to the Occupier.
Many landlords rent their homes out on a residential mortgage rather than a buy to let mortgage , there suppose to ask the lenders permission before renting it out but don't bother.
If the house is rented out without the lenders persmission they won't know your there so they won't get in touch to tell you they are planning to repossess and under the current law the landlord don't have to tell you.
The advise given before you move in ask the landlord or letting agent for proof that the owner has permission to rent out the property.Open any mail addressed to the Occupier.Contact shelter if your home is about to be repossessed.