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.
Sample questions relating to Accord Mortgages consent to let
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My wife and I will move back to Tokyoin Month, initially for a little as 9 months but it could be longer term. I'm in the process of writing to Accord Mortgages for consent to let out my property (we have already found tenants). I have been with Accord Mortgages for 5 years and the account is up to date with no current arrears. Accord Mortgages advise, that even if they grant consent to let, that this will be limited consent for a period of twelve months. Do I then need to reapply?
- My partner and I are are looking to join the property ladder, presently renting. We want to buy a garden flat in Wandsworth. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we have to seek a buy-to-let mortgage? Could we have a residential mortgage with Accord Mortgages, even though we won't be moving in straight away? Or could we move there for half a year, then start renting it with consent to let from Accord Mortgages? I'm only willing to consider options that are entirely legal, and have no intention of breaching the provisions of the Accord Mortgages mortgage.
- I let my property six months ago and didn't tell Accord Mortgages. I have a three year residential mortgage (healthy equity in it, no arrears) and want to let Accord Mortgages know and get consent to let for the remaining 24 months of my mortgage . I am unsure how to go about this.
- We own a house in Newcastle and will be relocating to Kent at the end of February. I have a letting agency and tenant ready. I was proposing to leave everything as it stands as I'm worried Accord Mortgages will insist that I change my mortgage rate for buy to let which is not financially feasible. I appreciate that it would be preferable to seek a consent to let via Accord Mortgages but am afraid if I open Pandora's box it would result in a whole host of problems
- My marital situation has changed, and I would like to let my property out - meaning consent to let- I have approx £200K loan with Accord Mortgages and currently 100k equity I need to side-step the redemption penalties.
- I have tenants ready to move in and I have mortgage offer from Accord Mortgages on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- Four months ago I bought a apartment with a Accord Mortgages home loan. However I am presently living with parents. I don't want to move in until for seven months due to personal reasons. In interim can I rent out the property with consent to let?
- I am looking at some alternative lifestyle. I have a Accord Mortgages mortgage, if I become a non-UK resident but wish to rent my UK house, do I need to get consent to let from Accord Mortgages to do this ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Accord Mortgages consent to let information
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 regular 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Accord Mortgages