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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.
Recently asked questions relating to Adam & Company consent to lease
- me and my wife recently sorted our rates for another fixed five years with Adam & Company. Subsequently, I went to an interview and basically I accepted the job offer in Redbridge. I'm going to rent a one bed flat for me and my family in Redbridge as we don't want to sell the house and moreover we might come back before two years.... We really don't know how things will work out. We called Adam & Company but we would appreciate your take on the situation. How is it to get consent to let in that case as we just got a fixed 5 years rate we really don't want to change.
- Resulting from a redundancy my husband and I are looking to move away from Enfield and our home, potentially to a job in Amsterdam but that means we will want to let the property but don't want the penalty fee of existing Adam & Company mortgage which will be exorbitant.What are acceptable reasons for obtaining consent to let on our property?
- My partner and I are hoping to make use of equity in my present house to acquire an additional property which I intend to live in whilst I do it up. I would like to let out my existing property with the Adam & Company homeloan. Is it likely that I would obtain consent to let? House is valued at £350 k with a £150k home loan in place.
- I have a homeowner mortgage on a two bedroom second floor purpose built maisonette in Croydon but have rented it out without letting Adam & Company know this. I now need a consent to let letter. How can I get one?
- This is not a question specific to Adam & Company but do mortgage companies usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I was just looking into consent to let as it's something potentially I would need from Adam & Company inside the next 12 months. Our family circumstances has changed, and I wish to let my place out
- I have Adam & Company mortgage and am considering letting the property. I am lead to believe that I would require consent to let to do this...is that true ?
- We want to move home and have identified a property we wish to purchase so are considering renting out with consent to let from Adam & Company for our current property to enable us to place an offer and not miss out on the potential new property.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Adam & Company consent to let Info
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company