The world of mortgage loans is confused and typically includes terms that are unkind for those who are not versed in them. Know what is TAE or the TIN, for example, is disconcerting to most. Likewise, simpler questions, such as maximum age at which mortgages are granted, rarely have an easy answer for future buyers. However, once the procedure has been completed and the mortgage loan has been signed, doubts may continue to arise; For example, can rent a mortgaged home?
What happens if I rent my mortgaged house?
The intuitive It is to think that, if a house belongs to a person and, therefore, this person appears as the owner in the deed of the same, they can do whatever they want with it, as long as it does not contravene any legal aspect. Thus, if you feel like (or need to) put it up for rent, you could do so freely without having to consider whether this goes against any type of agreement that you may have subscribed with banks or financial entities.
Unfortunately, This is not like this. And, to know whether or not you can rent a mortgaged home, it is necessary to review all the sections of the contract to ensure that none of the so-called “rental prevention clauses”.
What are rental impediment clauses?
In short, it is a provision included in some mortgage loans that specifies that, as long as the mortgage is not canceled (either because it comes to an end or because it is renegotiated and an advance payment of the same), the property to which it is associated It cannot be rented.
Therefore, in short, if this clause weighs on the mortgage, the apartment or house cannot be rented. until the credit is returned in full. Otherwise, there will be no incompatibility and it can be rented without any problem.
However, we must admit that this is a contractual concept less and less widespread. Most banks have stopped using it, especially in the case of habitual residences. In the case of second homes It is usually included, since it is understood that these are more likely to be rented.
The reason they give is simple: a home that is rented, as a general rule, has a price that tends to be reduced compared to the appraisal price. As they are leased to a third party, it is assumed that it is very likely that the use and care that you are going to receive will be less exquisite than those that the owner could offer and, therefore, it will be natural that the price of the same, with the passage of time, will decline.
The bank, thinking about the possibility of a possible embargounderstands that, if the sale value of the apartment is reduced compared to the appraisal carried out when the mortgage was granted, the transaction for him would be would be in deficit and, therefore, it is brought forward preventing the rental from being made.
Do you have to inform the bank to rent a mortgaged home?
Obviously, the answer to the question will depend on what the contract lease. If it does not include any section mentioning the impossibility of renting a home, it may be rented under the terms and conditions that its owner (the holder of the mortgage) considers; and, of course, the bank will not be able to express itself against it. It’s more, you will not even be obliged to transmit any type of communication to the entity.
As we say, this is the case most common Today; However, it is possible that there is a section in the contract indicating that leasing the property is not permitted. In this case, it is not that you should ask the credit institution for the possibility of renting it, it is that legally you will be prevented from doing so.
Furthermore, if what was signed is ignored, if the other party is aware that it is acting against the contractual agreement, the agreement could be terminatedstarting a home seizure and the consequent eviction Of the same.
What happens to the tenant if the bank seizes the home
Without a doubt, this is one of the recurring fears of every tenant: What happens if the landlord doesn’t pay the mortgage?. In this sense, we must say that, as occurs in the event of the death of the landlord of the home, in the case of the seizure of a rental apartment, the tenant, if he is stream of payments, is legally protected. Specifically in the article 13 of the Urban Leasing Law, Resolution of the landlord’s rightit is specified that, during the first 5 years (or 7 years if the landlord is a legal entity), the fact that the home is seized does not affect to the rental rights that the tenant has agreed upon.
Article 13 of the LAU – Resolution of the landlord’s right
1. If during the first five years of the duration of the contract, or seven years if the lessor is a legal entity, the lessor’s right is resolved by the exercise of a conventional withdrawal, the opening of a trustee substitution, the forced alienation derived from a mortgage foreclosure or judicial ruling or the exercise of a right of purchase option, the lessee will have the right, in any case, to continue in the lease until five years or seven years respectively, without prejudice to the power of non-renewal. provided for in article 9.1
2024-01-05 11:31:46
#Rent #apartment #mortgage #bank #object #Alquilino
