Residential flat on lease
We are staying in a leased out residential house from a year now. The lease period is for 3 years we have paid 9 lakhs. Now the owner who has taken loan with the bank is unable/behind in paying his instalment the bank has already served notices many times. We were unaware of this when we leased the house. Now what will be our position after 2 years or earlier if he cannot pay the bank. Will we loose 9 lakhs of our hard earned money? Please advice us as to how we can get our money back?
Since you have entered into lease agreement for 3 years you can only be evicted after expiry of lease period. If the owner cannot repay the bank then bank will take recovery proceedings against defaulter. If you have paid any security deposit and lessor fails to return the same you can file summary suit against the lessor for return of security deposit .on expiry of the lease period. You must contact a local lawyer.
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