UK Property Law
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Thanks for your enquiry. I hope I can assist as my colleague is off line.
If the property does have a Mortgage registered against it, the owners are allowed to rent it out PROVIDED they have obtained the Bank's consent. Upon obtaining such consent, the owners would then be granted a "Buy to Let" Mortgage.
I confirm that Nationwide have "bought" all Bank of Ireland mortgages, so it makes sense that the Land Registry shows the Mortgage in favour of the Bank but that correspondence is coming from the Nationwide.
On the basis that Nationwide are writing to the owners at your address implies that they have not obtained the appropriate consent to rent the property to you. If this is the case, the danger you are in is that if the owners fall behind with their Mortgage payments and the property is repossessed, then the Court can and will also order that you vacate the property also, because in the eyes of the law your Tenancy with the owners is invalid due to the fact that no consent was ever obtained.
I hope this answers your question, and if so, I would be grateful if you could leave positive feedback.
mortgage on house dated 2004, bank of Ireland charge dated dec 2010.
Does the Charges Register show 2 mortgages then? One dated 2004 and one dated 2010?
no 1 mortgage with nationwide 2004, then a charge by bank of Ireland 2010.
Thanks for your reply.
A "Charge" is in effect a Mortgage (the Land Registry refer to Mortgages as "a registered charge".
It therefore appears that the owners originally mortgaged with the Bank of Ireland and have taken out a subsequent charge/mortgage with the Nationwide.
From your point of view, this does not change what I have said in my earlier posts- as the Nationwide have taken over Bank of Ireland Mortgages, the owners should have obtained the consent of the Nationwide, and only the Nationwide, to let out the property to you.
I hope this clarifies matters.
moorgage with nationwide is 2003/4 bank of ireland 2010, nationwide are original mortgage..... bank of ireland involved 2010, by dates it seems to me that nationwide would not need to buy the morgtage from bank of ireland, as it already nationwide mortgage
You are correct- I was confirming that although there are 2 separate Charges, and therefore normally both Banks would need to be notified before you rent out- as the Nationwide and the Bank of Ireland are in effect the same Company, the owner would only have required 1 consent, as opposed to 2.
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