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Mortgage deadline to let our property in 60 days of completion - any advice plz?

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  • Mortgage deadline to let our property in 60 days of completion - any advice plz?

    Can anyone kindly advise: we completed flat purchase 3rd Oct & our mortgage stipulates we rent out within 60 days of completion = 28th Nov, but our builders renovation won't be completed in time.

    Please see mortgage stipulation:

    'Applicants must provide mortgage lender copies of Assured Shorthold Tenancy agreement within 60 days of completion. If you fail to provide it you will be in breach of your mortgage terms/conditions. Accordingly the mortgage lender may increase your interest rate and consider further enforcement action'.

    We originally requested 90 days for refurbishment, but the mortgage lender refused & only granted 60 days.

    Many thanks in advance for any advice, because we are very worried.
    Tags: None

  • #2
    So have you got a tenant lined up and they can sign the document?

    Comment


    • #3
      Originally posted by ostell View Post
      So have you got a tenant lined up and they can sign the document?
      Not yet, estate agent hasn't found anyone, but I think your advice is good - we need to get someone to sign - might be a tough call as the flat won't be refurbished, but fingers crossed. Thank you.

      Comment


      • #4
        I think you may have more subtle issues:

        Who is the beneficiary of insurance on the building? - that may be the mortgagee.

        Is there a term in the insurance contract that requires that the insurer be notified if refurbishment works occur
        Is there a term in the insurance contract that requires notification if the building is unoccupied overnight?

        Comment


        • #5
          Originally posted by efpom View Post
          I think you may have more subtle issues:

          Who is the beneficiary of insurance on the building? - that may be the mortgagee.

          Is there a term in the insurance contract that requires that the insurer be notified if refurbishment works occur
          Is there a term in the insurance contract that requires notification if the building is unoccupied overnight?
          Thank you, all of the above issue have been addressed accordingly and in adherence to our obligations.

          Builders are working as fast as they can, however is you can kindly throw any light on this particular mortgage lender clause, we would be grateful: 'Accordingly the mortgage lender may consider further enforcement action'....i.e. we can't ask the lender what this means, do you know at all?

          Comment

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