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CML denies MPs’ claims it blocks longer rental tenancies

Simon Pook, Head of Residential Property
–  The recent homelessness debate in parliament claimed that the Council of Mortgage Lenders (CML) is blocking long-term tenancies. This article puts both sides of the story across. We can advise if you are a landlord or tenant.

The Council of Mortgage Lenders has denied MPs’ claims that it is a “stumbling block” to longer tenancies in the private rented sector.

In a House of Commons debate in December on reducing homelessness, Conservative MP and former property lawyer Will Quince said the CML played a part in blocking tenancies of more than one year.

He said that “the stumbling block here is in fact the Council of Mortgage Lenders and insurers, which say that a tenancy of more than one year is not permissible in case the mortgage holder defaults and they need therefore to sell the property as quickly as possible to recover their losses. “It is actually those two different groups that prohibit leases or assured shorthold tenancies of more than one year.”

Read more: http://bit.ly/2ki1Tri

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