Mortgage land ro be lease
satish
(Querist) 14 January 2012
This query is : Resolved
A mortgage land (to National Bank) is lease-able or not?
Deepak Nair
(Expert) 14 January 2012
Mortgages land is leasable. But you have to mention the mortgage in the lease deed.
ajay sethi
(Expert) 14 January 2012
agree with experts but fact of mortgage has to be mentioned
Sailesh Kumar Shah
(Expert) 14 January 2012
You can lease out the land mentioning the mortgage with bank. and also check loan documents that there is no restriction also.
Devajyoti Barman
(Expert) 14 January 2012
Yes it can be let out, no hindrance in it,
Raj Kumar Makkad
(Expert) 14 January 2012
If the land is already mortgaged with the bank, the same cannot be leased out until is is released.
prabhakar singh
(Expert) 15 January 2012
In my opinion a leased property can be legally mortgaged to any creditor subject to his agreeing the leased property as security for his debt;but any property mortgaged to creditor can not be leased by the mortgagor without consent of the mortgagee.Then either way it is subject to consent of the mortgagee.
M/s. Y-not legal services
(Expert) 15 January 2012
am also saying that "a mortgaged property can not leased without released it"
-tom-
Deepak Nair
(Expert) 16 January 2012
Dear Tom,
I have prepared a draft of lease deed for a mortgaged property. The lease deed was of a godown for 5 years and the said godown was mortgaged.
The details of the said mortgage was reflected on the draft.
In some cases the Lessees ask for NOC by Bank to Lessor for leting the property. The banks normally gives NOC to this effect as they know that it will generate income and that will help in repayment of loan.
