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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.
Top Five Questions relating to Accord Mortgages consent to lease
- I have a house in Hounslow but I am moving with my girlfriend to a different location for work purposes and moreover close to her university. Im keen retain the property but it is unlikely that I can afford a BTL mortgage. It will only be temporary -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Accord Mortgages. Is there a chance I won't be approved for consent to let?
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I have had very few viewings. This is probably due to an longstanding feud with the family next door. I was obliged to mention this on the disclosure sheet. Mortgage is with Accord Mortgages on a standard variable rate. It has been suggested to me that I should get consent to let from Accord Mortgages and rent the flat for a year or two.
- I own a home that's presently under shared ownership (My share is 50per cent) and I bought it in July 2014. I am currently going through the full purchase of the house. My partner and I have also got a further house that we are hoping to buy. Mortgage in principle has been issued by Accord Mortgages. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new property
- I currently have a mortgage with Accord Mortgages and the loan to value is presently 45% with the Accord Mortgages current book value and I'm looking to purchase another property but would like to keep my current property at the current market value. I have consent to let from NRAM on a previous property so know a bit about them and I also have buy to let with Scottish Widows on another property. Does the expected rental income on a consent to let with Accord Mortgages need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- My partner and I invested in buying a place in Bristol with Accord Mortgages and am moving to rent a property in Oxford due to work. Is consent to let from Accord Mortgagesavailable? I only want to lease out the flat for six to nine months before selling.
- I am one year into a three year domestic mortgage with Accord Mortgages. Just enquiring if it's permitted to lease out the flat on my current home loan. Will Accord Mortgages give consent to let?
- My Accord Mortgages mortgage rate is up next September can I move to a interest only with consent to let?
- How do I go about gaining consent to let by Accord Mortgages? Are there specific requirements such as you must live in the property for over 6 or 12 months before its issued?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Accord Mortgages consent to let Info
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
If your property is leasehold, the lease may prohibit 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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