My Husband and I have over a 1/2 acre of land and we had a newly built home built on our land many years ago in the late 90s, and are still paying the mortgage. My Grown daughter has a son and wants to put a Mobile home behind us on our land. Do we need to ask the mortgage company for permission before allowing her to do so? And can the Mortgage company prevent her from doing so and what reason would they?
curtisports2
Favorite Answer
The mortgage lender has some say under certain conditions, which I will explain later.
The #1 decider is the local zoning law. If zoning says you can't add another structure, or this particular type of structure, to that land, then you can't, no matter what the mortgage lender's view is.
Let's say you clear that hurdle. Zoning allows placement of manufactured housing on that parcel. The lender won't care UNLESS you try to split off that parcel into its own lot for the purpose of transferring ownership. The lender will not allow that while there is debt against the entire parcel. Your child would own the home but they would not own the land it sits on.
Christin K
The mortgage company will likely have nothing to do with this. You do, however, need to contact your local county, city or municipality. Your area may not be zoned to allow multiple families to have dwellings on one lot. The expense of moving any mobile home to your lot will be high--so check BEFORE she moves in.
realtor.sailor
There's two issues here. One is it zoned for mobile homes? If it is it would probably require you to deed her a portion of the lot and that's where the mortgage company could prevent it. They made the loan based on the value of the 1/2 acre and if you deed a portion it reduces the value.
babyboomer1001
They probably wouldn't care, unless it is illegal. Have you checked whether the city/county allows mobile homes to be parked on the land you own?
Tavy
No it's nothing to do with your lender, but all to do with local bylaws in the U.K. you will need permission from your Council and I very much doubt they will give it.
Mobile homes are allowed if it is a temporary home while you are renovating a property, but virtually nothing else.