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.
Top Five Questions relating to Accord Mortgages consent to lease
- Hi, I have a mortgage on an apartment with Accord Mortgages and I am thinking about letting the property out. Can I do this without transferring my mortgage or getting consent to let from Accord Mortgages?
- Me and my brother are joint proprietors of a small apartment in Southwark with a Accord Mortgages mortgage. I want to leave and purchase a house with my fiancee. How should I deal with letting out my room? Do I need consent to let from Accord Mortgages. My brother will remain in the apartment
- My husband and I currently live in Dubai and letting out our apartment in Hackney. This was unplanned but an opportunity arose and we took it. The rent achieved on the property is not enough to cover the mortgage so we transfer funds each month to make up the shortfall. Earlier today I got a letter in the post from our lender telling me that as the property is being let out and has been for almost three years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell the flat but this will not be easy as I am so far away. Would it be possible to remortgage with Accord Mortgages and get consent to let?
- I plan to let our existing apartment out early next year when we move. I will apply for consent to let from Accord Mortgages. As of now the flat is in my name but I am a higher rate tax payer. Do I need to do a equity transfer to her or should I enter into a Declaration of Trust?
- I am trying to find out if Accord Mortgages will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I was just enquiring how to get consent to let from Accord Mortgages...do I phone them or write a letter to them?
- Can you tell me how much the fees are and if Accord Mortgages ordinarily issue consent to let without transferring to a commercial rate?
- One year into a mortgage with Accord Mortgages due to job offer.. need to move. Do you think I can get buy to let or consent to let.
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Information to consider in supplemental 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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