Need Help?
Need professional advice for your consent to let with Accord Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Accord Mortgages consent to let
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We acquired a flat in 2010 for 305,000 with Accord Mortgages. My husband’s job requires him to relocate to Gibraltar and realise that I need to obtain consent to let from Accord Mortgages. Will they grant consent?
- I have a Accord Mortgages mortgage and have been letting out the property minus consent to let, making me in breach of my mortgage contract. I think I have come onto their radar that I am not living there. Is my best option is to dispose of the apartment prior to being repossessed?
- As a result my career, I am confident that Accord Mortgages will grant me with Consent to Let from day one of owning a property. My intention is to purchase a property locally and lease it out, I will remain in the house that is provided (rent payable) by my employer. As I will be letting out the property I will clearly have to prepare a Self Assessment Tax Return, but I just want to check that although it is my only property (and it is not on a BTL mortgage), can I claim Tax relief on the interest on the mortgage and the expenses of renting out the property. I have only been able to track down advice for those with a buy-to-let mortgage, but mine will technically not be B2L.
- I'm looking to apply to Accord Mortgages for consent to let on my existing residential property in Haringey. I am looking to draw down equity from my existing house before doing so, and making use of that money to buy a further home. I will move into that property whilst doing it up for 6 months at which point the intention is to sell it then move back to my current house. Is this something Accord Mortgages will consider consent to let for or does this fall outside the standard criteria?
- I'm gathering some information on whether consent to let is something available to me? We have a Accord Mortgages mortgage and are considering leasing the place out for a couple of years, but cannot really afford to switch to a buy to let rate. The estate agent mentioned something about a content to let
- How much of my mortgage allowance will be made available to borrow if I change my mortgage to a consent to let with Accord Mortgages?
- We wish to move home and have identified a property we wish to purchase so are considering renting out with consent to let from Accord Mortgages for our existing property to enable us to make an offer and not lose the potential new property.
- I have a mortgage with Accord Mortgages but would like to lease my house out and move in with my partner and baby what is required to get consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Accord Mortgages consent to let Questions and Answers
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Accord Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Accord Mortgages your property may be repossessed