Need Help?
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.
Sample questions relating to Adam & Company International consent to let
- I have just been on a call with Adam & Company International and they tell me that it has been brought to their attention that I have been renting the garden flat even though it is on a normal mortgage. I moved out two years ago for work reasons, couldn't sell and was left with little option but to let out the property. Are you able to advise me on the consequences may be for me not seeking consent to let?
- We are applying for a mortgage with Adam & Company International, but we have hit a snag. My husband is the deputy head in a boarding school, and as such we are provided with a residence as part of his employment. We wanted to buy a garden flat with a view to joining the property ladder, and rent it out while we're living at the school accommodation. I had thought Adam & Company International would be willing to give consent to let from day one of the mortgage. It is now looking as though we may not be able to get consent to let. Do you have any suggestions?
- We are locked into a fixed rate mortgage with Adam & Company International for two years and have been living in the house for just over half a year. Due a job opportunity abroad I need to leave so I would like to lease the property out. How can I get consent to let from Adam & Company International?
- I have been serving in the armed forces for six years and intending to acquire a property with a Adam & Company International mortgage. I would like to be given consent to let the house to my mother and father in law. In years to come I would reside in the property with my family when my military career comes to an end. Is this feasible?
- I am nine months into a three year first time buyer mortgage with Adam & Company International. Just wondering whether it's permitted to lease out the flat on my existing home loan. Will Adam & Company International give consent to let?
- Is there a fixed or maximum term how long I could let my property out to a family member with consent to let from Adam & Company International. I no longer want to live in the area and want to buy a new home?
- I am fixing my homeowner mortgage with Adam & Company International but as a result of my job I will probably have to go abroad for a couple of years. Will Adam & Company International allow and grant consent to let and there be any penalty
- Will Adam & Company International grant consent to let my home? I currently have a residential mortgage, never had arrears and have been with Adam & Company International for nearly since 2012. What costs am I likely to incur
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 International 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
One thing to remember when arranging a consent to let mortgage with Adam & Company International is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 restrictions are not strictly observed 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company International