How to manage a mortgage apartment properly
Mortgaging is one of the most popular ways to purchase real estate. However, many people have the wrong idea that an apartment purchased with a mortgage belongs to a bank. In fact, the owner of the apartment is the buyer, who has every right to dispose of his property. Until the full repayment of the real estate loan, the apartment will be secured by the bank as a guarantee of repayment of the debt.
Despite the fact that you are the owner of an apartment, there are certain restrictions and requirements that must be observed when disposing of mortgage real estate. The following are the main cases and conditions that should be considered.
The main cases and conditions that should be considered:
- Apartment sale
If you plan to sell your mortgage apartment, you need to get the consent of the bank. The bank may allow the sale of the apartment with subsequent encumbrance, that is, the new owner will be required to pay the mortgage loan.
- Renting an apartment
If you plan to rent your mortgage apartment, you must obtain the consent of the bank, if such a requirement is prescribed in the mortgage loan agreement. The bank may allow the rental or rental of an apartment, but there may be certain restrictions or requirements that will be met.
- Renovation and redevelopment
You have the right to make repairs in your mortgage apartment without the consent of the bank. However, if you plan to redevelop, you must obtain the consent of the bank. The bank may allow redevelopment if it does not violate the structure or safety of the building.
- Donation of an apartment
If you plan to donate your mortgage apartment to someone else, you need to get the bank's consent for the donation with subsequent encumbrance. The bank may allow the donation of an apartment, but it is important to take into account that the new owner will be obliged to pay the mortgage loan.
- Official settlement of other people in the mortgage apartment
For temporary registration of other people in a mortgage apartment, it is necessary to obtain the consent of the bank. The possibility of temporary registration may be prescribed in the mortgage loan agreement. However, family members of the owner, such as spouse, children and parents, have the right to permanent registration without the consent of the bank. Other people can be registered in the apartment only with the permission of the owner.
- Apartment will
When making a will for your mortgage apartment, you do not need to obtain the consent of the bank. You have every right to bequeath your property at your discretion.
It is important to remember that these requirements and restrictions may vary depending on the terms of the mortgage loan agreement and the policy of a particular bank. Therefore, before making a decision on the disposal of a mortgage apartment, it is highly recommended to contact the bank for detailed information and advice.
The purchase of a mortgage apartment gives you the full right to dispose of your property. However, certain requirements and restrictions that may be set by the bank should be taken into account. Compliance with these conditions will help to avoid possible problems and conflicts in the future.
It is important to note that each bank may have its own characteristics and requirements when disposing of a mortgage apartment. Before any actions with your mortgage property, it is recommended to consult with specialists or study the terms of the mortgage agreement.
If you have any legal questions about real estate or you need professional advice, you can contact the lawyers of the «Nevsky Prostor» Real Estate Agency. We provide free consultations by phone or in person at the office. Our team of experts is always ready to help you figure out complex legal issues and offer ready-made solutions.
Contact us :
• Tel: +7 (812) 325-38-38 (from 9-00 to 21-00 on weekdays; from 10-00 to 18-00 on weekends and public days)
• Address: Russia, 199406, Saint Petersburg, Nalichnaya Street, 22
• You can also ask questions to our specialists online
Comments