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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.
Recently asked questions relating to Accord Mortgages consent to lease
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We have a Accord Mortgages home loan and are have made overpayments to bring the loan amount down, in gainful employment etc. Do you know how much it will cost and if Accord Mortgages usually grant consent to let without changing to a new mortgage product?
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Accord Mortgages have just granted me consent to let. After some effort, Accord Mortgages have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. Can you explain what this is?
- Hello, I have a mortgage on an apartment with Accord Mortgages and I am contemplating the idea of leasing my property out. Can I do this without switching to a BTL or receiving consent to let from Accord Mortgages?
- Can you please tell me what fees Accord Mortgages levy for consent to let out part of my 2 bed flat? Any information would be appreciated.
- I am looking for some generic information on consent to let with Accord Mortgages: I am moving abroad. This might be for a number of years. Nevertheless I will be on a six month trial period .I'm wanting to know how to go about getting consent to let from Accord Mortgages and what fees are involved
- If I were to apply for consent to let from Accord Mortgages how long does it take to get consent to let after you apply to Accord Mortgages. ?
- My fiance and I have a domestic mortgage with Accord Mortgages and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Before we apply it would be helpful to know the connotations of making the change and any facts that we need to consider.
- I am looking to place my house on rent due to job commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Accord Mortgages at the moment until 2017 October
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 Advice
Tax and Legal
There are numerous potential 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 inform 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 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 taking legal action 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