Private sector leasing and Tri party agreement with lender. Is this normal?Make Text Bigger
I have approached my lender to request consent to let on my main home. They have responded and said that they will allow it subject to a one-off charge. They further said that if it is with a letting agent then the consent will be granted in a straight forward manner. However, if I am handing the property over to the local council or housing association I need to ask them to provide and sigh a tri-party agreement. When I approached my local council they were not familiar with such an agreement and stated that the lease will be between myself and the council (tenant), who further provide accommodation for persons on their book.
Have you heard of such dealings before? I am wondering if this request by the lender is lender specific as I called another housing association and they too were unfamiliar with this tri-party agreement set-up. If both parties (the local council and mortgage lender) are unwilling to budge then I am left with letting agents, which was not my preferred option.
Is it worth going back to my lender and asking what this tri-party agreement consists of exactly and if they are willing to waive?
Thanks in advance for any advice or light shed.
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