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
- My friend has let her property off the same landlady for almost two years. During the past year my friend has received letters from Accord Mortgages (it is apparent from the envelope). At first she reposted them to the landlady's address. I was a bit suspicious as none of her landlord’s mail was supposed to be going there. I therefore went to my friends house and phoned Accord Mortgages on her behalf. The gentleman I called at Accord Mortgages had a long list of queries, the landlord’s name her current address, information relating to the tenant and then said they were going to look into whether she was entitled tolet out the house or if it was an offence in the absence of consent to let. Should my friend be worried?
- I am a couple of years into my five year fixed rate mortgage and have accepted an overseas job so wish to let my flat for a couple of years. My LTV is around 50%. Can you tell me if Accord Mortgages will load the interest rate for consent to let for two years?
- I would like to rent out my existing residence as I wish to purchase a larger house for the family. I have a fixed rate mortgage with Accord Mortgages. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after two years with another lender? Will it have to be buy to let mortgage and not a residential mortgage?
- I have a self contained flat attached to my house that my father is planning to move out from. As the main house is large I was considering moving into the annex and let the rest out. This is also due to change in my personal situation. Would I need a consent to let from Accord Mortgages?
- We are nine months into a three year normal mortgage with Accord Mortgages. Just wondering if it's permitted to rent out the flat on my current mortgage. Will Accord Mortgages grant consent to let?
- We are about to buy a property and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Accord Mortgages? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- I'm possibly going to Aus for twelve months with work. Planning on taking my partner with me and hoping to rent our Hounslow property in the meantime on a short term basis to make things more cost effective. I was just enquiring I have filled in my application form but I'm unsure where to send it
- How likely is it that I can retain my existing homeowner mortgage with Accord Mortgages if I start renting out? If the consent to let is given will they load the interest rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming null and void. 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 restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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