Last week saw the second reading, in the House of Commons, of The Mortgage Repossessions (Tennant Protection ) Bill. The proposed legislation aims to give private tenants greater protection from repossession if their landlord defaults on the property mortgage. If passed it is believed that the Bill would close a legal loophole causing problems for at least 3,000 tenants a year.
The Bill:
- Gives courts the power to suspend (for up to two months ) the repossession of a property in cases where the mortgagee had rented it out without informing the mortgage lender
- Requires the lender to give notice, at the property, of the proposed execution of the possession order.
The Bill, which has cross party support, also has the backing of the three national landlord organisations as well as the Citizens Advice Bureau, Shelter and Crisis, and is likely to become law in the next few months. The most vociferous opponent to the Bill is the CML
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