New rights for those who live in flats to rent in London
Individuals residing in flats to rent in London may receive greater protection from a new law, which aims to prevent tenants being negatively affected if a landlord falls into arrears.
The Mortgage Repossessions (Protection of Tenants etc) Act 2010 was published by the Department of Communities and Local Government on October 1st.
It aims to stop tenants being negatively affected if their landlord gets behind on their home loan repayments and has not told their lender they are letting the property out.
Malcolm Harris, spokesperson for the Tenancy Deposit Scheme, noted the introduction of the act has "codified" what had become institutions' typical behaviour.
"For some time now, mortgage lenders ... leave the tenants where they are; they are paying the rent ... which goes direct to the lender," he said.
This was not always the way, the expert stated, explaining that a quarter of a century ago, if a landlord's home was repossessed, tenants were evicted.
Posted by Chris Price
Published 8th October, 2010
© 2010 Estates IT Limited
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People who live in flats to rent in London may benefit from the introduction of a new policy.