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Need professional advice for your consent to let with Adam & Company International? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Adam & Company International consent to lease
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Exciting times as my husband and I intend to relocate to Australiain Month, initially for a little as 9 months but it could be longer term. We have just applied to Adam & Company International to obtain consent to let out my property (we have already found tenants). The mortgage has been in place with Adam & Company International for Six years and I have never had any arrears. Adam & Company International tell me, that even if they do agree, that this will be a temporary arrangement for 12 months. And then what?
- Two years ago my wife and I bought our council flat, in Camden,recently valued at £220k. It was paid for in full from our own finances, unencumbered. We can't sell (without penalty of losing some of our discount) before five years have gone by. Regardless, we would like to retain it as a investment property to rent out. We wish to release some equity via a Adam & Company International mortgage. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. is this something you can help me with?
- Is it possible to switch a residential mortgage with Adam & Company International to a consent to let. It will be less than 65% ltv and it would change from repayment to interest only?
- I have been in the Royal Air Force for six years and planning to buy a house using a Adam & Company International mortgage. I would like to get consent to let the property to my mother and father in law. In the future I plan to reside in the property with my wife and kids when I leave the Royal Air Force. Will I need to apply to my superior officer to request permission to rent it out?
- We have already been told to write a letter to Adam & Company International to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- If I were to apply for consent to let from Adam & Company International how long does it take to get consent to let after you apply to Adam & Company International. ?
- Do Adam & Company International give consent to let? I am just considering this as an option if I move home in the the near future
- I was just wondering how to obtain consent to let from Adam & Company International...do I phone them or write a letter to them?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Adam & Company International consent to let Questions and Answers
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
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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Adam & Company International your property may be repossessed