If there's anyone who could help to interpret this, I'd really appreciate it. DH and I got this rather cryptic letter from Yorkshire Bank yesterday, addressed to the Occupier. It briefly states that the property we rent is owned by (the property management co.) and is secured in favour of the Bank. Then they say that under the terms of it's lending to (the property management co.) it is a condition that any occupation of the property, other than by the owner, requires the bank's proper consent. The Bank has not given consent to our occupation of the property, and therefore does not recognise our occupation of the property and reserves the right to take any appropriate action in order to end our occupation of the property at any time.
My interpretation of that is that it sounds like the property management has gone into foreclosure with the bank. If it's any indication, they did send an appraiser out a few months ago to look at our flat, I wondered at the time if they were thinking of selling but didn't give it much thought then. Last month we renewed our lease for another six months. Is it possible that lease could be nullified if the bank forecloses on the landlord or whatever is going on here that they claim to have the right to make us leave at any time? I just want to make sure that we understand our rights in case we hear any more from the bank about making us leave, if it comes to that. DH rang the property management yesterday, and the receptionist just asked us to send a copy of the letter. My concern at the moment is that they may not be straight with us about what's going on, and I'm wondering what we should do if they just try to say everything is fine and there's nothing to be concerned about. I did see something online that sometimes a landlord in foreclosure will try to hide it from their tenants. Any advice would be appreciated.
