That Home Of Your Own - It's Not Yours To Rent Out Even For A Week

[Amiinsane]

http://www.theguardian.com/money/2016/apr/02/airbnb-guests-cost-you-your-home-breach-mortgage-terms

[thewig]

Just r...

[StainlessSteelCat]

The key thing, of course, is that mortgage payers don't actually own their house. I can see this being a nice little earner in permission fees for banks etc.

But overall, likely a storm in a tea cup as I can see very few banks investigating or enforcing their terms.

Edited April 3, 2016 by StainlessSteelCat

[spyguy]

You have the mortgage, bank has the house until it's paid off.

[Lord D'arcy Pew]

AirBnB sounds like a great way to get housing, for many homeless people out there.

Firstly rent a property with a mortgage still running.

Refuse to move out.

Wait to be evicted by the courts.

The local council now has to provide a new home, as this was a forced eviction.

[stuckin2up2down]

As others say, they don't own it.

You'd be forgiven for thinking people do own their mortgaged homes with all the easing of repos.

[Venger]

From one of the foremost housing law legal experts in London.

Although not claiming lenders go around wielding their power. You only have to look at the market. Been greed and forbearance and greed, and total HPI dreaming.. the glory.

Published 09/07/2014

[...]In particular, I remember being amazed that a mortgage was, in effect, a right to immediate possession of the property, regardless of whether there was any default on the part of the borrower (the right to possession arises “before the ink is dry” as it was put in various cases).

Now, this is what I mean about the “gap” between popular understanding and the law. Very, very few people realise that their mortgage company has (unless the contract provides something else) an absolute right to possession, even if the mortgage company have broken all the regulatory codes going (or similar). It would, I think, come as a shock to them to learn that such default by the bank wasn’t a defence to a possession claim per se, but was, at best, a possible source of damages which might be used to reduce arrears so as to bring the discretionary powers of the court into play.

http://nearlylegal.co.uk/2014/07/mortgage-possession-defences/

[Bloo Loo]

From one of the foremost housing law legal experts in London.

Although not claiming lenders go around wielding their power. You only have to look at the market. Been greed and forbearance and greed, and total HPI dreaming.. the glory.

that is what a mortgage is...a loan SECURED, on the right to possess your house to sell it.

Note the word is Possess...not own...

[Guest]

What about buildings and contents insurance? Surely they wouldn't cover you if strangers are given access to the house?

[spyguy]

What about buildings and contents insurance? Surely they wouldn't cover you if strangers are given access to the house?

No they don't.