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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.
Questions and Answers: Accord Mortgages consent to let
- What are the chances of Accord Mortgages in giving Consent To Let on a 2 bed flat? It is currently on the market and it has been for three months. I am keen to sell but I'm anxious that if there is no interest I will need to rent out the property in order to cover the mortgage to Accord Mortgages (I no longer reside at the address). I would prefer to come clean with Accord Mortgages than keep them in the dark but I'm not sure how accomodating they would be.
- What is the procedures for obtaining consent to let from Accord Mortgages? What documents do they need? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it every year? What if I obtain a consent but decide not to rent the property out?
- I am hoping to utilise equity in my present house to buy an additional property which I intend to live in whilst I refurbish. I would like to let out my existing property with the Accord Mortgages mortgage. How likely is it that I would obtain consent to let? House is valued at £350 k with a £125k mortgage in place.
- I have a first time buyer mortgage on a garden flat in Wandsworth but have rented it out without letting Accord Mortgages know this. I now require a consent to let letter. How can I get one?
- Am I required to wait for consent to let to be given on my prevailing domestic mortgage with Accord Mortgages before applying for a resi mortgage on a new property?
- I have a residential mortgage with Accord Mortgages, and I would like to lease the flat out, until I decide whether to sell or retain it as an investment. As things stand I am on the fixed rate. Will I need to remortgage? I.E. BTL?
- I recently completed on a garden flat in Merton. I am first time buyer. I am moving Ireland next month, can I get consent to let from my lender Accord Mortgages or do I have to wait six months?
- I have fixed rate mortgage with Accord Mortgages. I am going have to rent out my flat due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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