Need Help?
Need professional advice for your consent to let with Adam & Company? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Adam & Company consent to lease
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My fixed rate mortgage is approaching refinancing with Adam & Company. The property has been sub-let for a few years and I now realise that I need to informAdam & Company. I understand that I should seek consent to lease, but since the property has previously been let out for a considerable time could they deny - insist I go onto a BTL product and even apply a penalty? I have over 25% equity in the house - and the rent will more than cover the mortgage.
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Can you clarify if consent to let compulsory from Adam & Company or can I lease out my garden flat without telling Adam & Company and having to transfer to a buy-to-let mortgage?
- I've got a current mortgage with Adam & Company approaching 18 months and the fixed rate is about to come to an end. We are thinking of taking equity from our existing property to allow us to purchase a bigger home and then rent out the existing one bedroom apartment. We were originally informed that we should look for a new residential mortgage with a consent to let - can you clarify what is involved?
- My OH and I wish to be informed of what the criteria is for Adam & Company for consent to let. I have heard various suggestions in relation to fees and rates. I need to relocate for work but I don't want to sell the property due to a depressed market.
- Do you know if Adam & Company would have an internal record as to whether consent to let was granted for a specific property?
- My Adam & Company mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- Is there leeway in the accepted equity ration before switching from an existing Adam & Company mortgage to a consent to let?
- I was wondering if you are able to help. I do not have consent to let from Adam & Company and would like to know if this option is available to me to move to as I have to move back home to look after my father
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Adam & Company consent to let information
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 notify them could result in your insurance becoming invalid. 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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company