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
- How likely are Adam & Company in giving Consent To Let on a maisonette? Agents have had it on the market for three weeks. I am keen to sell but I'm concerned that given the lack of interest I will need to rent out the property in order to cover the monthly payments to Adam & Company (I do not now reside at the address). My preference is to come clean with Adam & Company than keep them in the dark but I'm not sure how helpful they will be.
- My colleague is intent on letting his apartment out on the QT without consent to let from his mortgage provider Adam & Company. He has been on an interest only mortgage for about five years now. Currently owes £110k, having bought the apartment for around £110k. If he lets the apartment out privately, exactly what sanctions is he likely to face?
- A friend of mine recently sought CTL from the Woolwich which they refused because the mortgage had not been going for six months. I am about to seek consent to let from Adam & Company. Do they have the same rule?
- The likelihood is that I will have the opportunity to work overseas in a couple of years. I am therefore considering scaling down to a newer apartment in Islington which I could rent out with less difficulty when the time comes. I would aim to keep 50% equity in the new apartment which would be my home for a while. My existing lender limits consent to let for 12 months. I anticipate renting it out longer term and not having consent could result in a whole heap of problems. B2L seems unnecessarily expensive when I will be living there, perhaps for 2-3 years initially. What product do I ask for, and from which lender? Would, for example, Adam & Company provide consent to let for a longer period?
- My wife and I have a letter to Adam & Company requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- Circumstances: I am moving to Spain for work. Potentially for many years. That being said I will be on a 3 month test period .I would like to know the criteria for consent to let from Adam & Company and what fees are involved
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Adam & Company
- I am planning on moving inside the next 6 months and wish to let my house out. My current rate is fixed with Adam & Company. I am worried a rate hike would be too much if that was linked to obtaining consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Adam & Company consent to let Questions and Answers
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
Where 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 may 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
If your property is 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 breach of the lease. This could potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company