Rights of tenant in a lease agreement
I am currently staying in an apartment with my family in Chennai which I took on lease for 11 lakhs. The lease agreement was signed between me and the house owner in March last year (2015) and it was valid for 11 months until February 2016. As per the terms, the lease can be renewed for another 11 months for a maximum of 3 years for the same lease amount and there is a 3 month notice for vacating.
In December 2015, I came to know that the house has been mortgaged to a private finance company and my house owner has defaulted on the payment of the EMI. So the representatives from the finance company came and posted a notice indicating that the house is mortgaged to them and due to the defaulting of payments by the owner, they are in the process of taking over the possession.
When I checked about this with my house owner, he said confirmed that they have mortgaged the house. But he said they he has served a legal notice to the finance company as they have started charging more interest than what was agreed initially and that's the reason he had stopped making payments. He also said I can continue to stay in the same house and there is nothing to worry. But I said I would like to vacate the house and would like my money back. The house owner is trying to sell the house from then on but has n't found a suitable buyer yet.
Just to be safe, I also sent a legal notice to the house owner in January 2016, indicating that we will be vacating the house in 3 months and we would like the lease amount back.
Now it's April 2016 and I still haven't got my money back and not sure when I will get it back also. I would like to understand what options are available to me and need some expert advice on the same.
Some of the specific questions that I have are:
- As the lease agreement is not valid (it expired in Feb 2016), is it legal for me to stay in the house ? Or can I stay in the house until I get back the lease amount. Do I have the right to stay in the house as I have n't got my money back, though the lease has expired?
- Though the house is mortgaged, can I enter into another 11 month agreement with the house owner to make my stay legal and also to give the house owner some more time ?
- Should I take any further legal action ?
- Can the finance company ask me to leave withhout any notice ? How can I find out the status of the dispute between the house owner and the finance company ?
Please provide some guidance. Appreciate your help!