Can I let my property to my daughter?

Posted on 6 August 2012 by elaine


me and my husband may have to move through work my daughter wants to move back into our house and pay us enough rent so we can pay the mortgage we only have 2/12 years left to pay , so it seems a shame to sell it , we would be renting in the new area , can we do this ?

Elaine

Mortgage lenders are usually quite happy to give consent to let your property if you are moving area due to work commitments and I suggest that you approach yours to check what their requirements are and what fees will be charged.

The alternative is not to tell your lender and to carrying on paying as if nothing had happened.  This is ultimately mortgage fraud and if your lender finds out they could apply for a repossession order and sell your property to repay their debt.

In practice would they do this?  I don't know.  If they did, could you repay the mortgage from your own resources to prevent the need for them to get a court order?

All in all, honesty is the best policy and I believe you should contact your lender now.

Peter

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