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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.
Accord Mortgages Consent to Lease Example Support Desk Enquires
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I am about to join the property ladder hoping to complete on a terraced house in Accord Mortgages. I have a healthy deposit with a mortgage from Accord Mortgages. My concern is that my partner has a flat in Maida Vale and I hope to be moving in next month, when I would have to let out my house. I have heard of consent to let but it does not sound like a positive outcome is assured. Can you offer any advice?
- We may be presented with an opportunity to work in a different office in the UK for a three months and would like to know if we can lease out our existing house. It is a two year fixed rate and we are seven months into the mortgage with Accord Mortgages. We have lived at the property for over 3.5 years. The LTV is 80%. Are we likely to get consent to let from Accord Mortgages? What can we expect in fees etc
- I'm six months into a two year fixed mortgage with Accord Mortgages. The LTV is only 50%. I've come across a really good deal on a maisonette in Bromley which I would not want to miss. It appears that the only way I can get this other property is to release most of the remaining equity. I'm thinking of letting the current property which would adequately cover the homeloan with Accord Mortgages. Is it possible to obtain consent to let from Accord Mortgages and and then seek an equity release after it's let out?
- Me and my fiance hope to buy a house together. Plan is for me to get consent to let my flat from Accord Mortgages. Thinking about the future - when my 2 year fixed period expires - how would it work if I sought to remortgage then?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Accord Mortgages to allow us to get a mortgage also with Accord Mortgages for a new home?
- My brother and I took a mortgage with Accord Mortgages but am told they have a stipulation that they will not issue consent to let the property to a housing association. Is this true and if so, is there a way to bypass this?
- Accord Mortgages - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
- I'm interested in more information about consent to let from Accord Mortgages. Would an acceptable reason be parking problems and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Accord Mortgages your property may be repossessed