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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.
Adam & Company International consent to let: Q and A’s
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We've been renting my wife's old house out with "consent to let" from Adam & Company International on a homeowner mortgage for the past three years. Adam & Company International have now advised that they are withdrawing their consent to let unless we transfer to one of their "buy to let" products.
- In what circumstances will consent to let for a property be issued from Adam & Company International? How long do you have to have had ownership of the property before consent to let can be granted by Adam & Company International? By way of background:We were living in a very small mid terrace house which is too small for us, my husband is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I am looking at applying for consent to let initially with a view to put a tenant in it to cover the expense of the Adam & Company International mortgage.
- I have been foolish in not informing Adam & Company International that I’m leasing my one bedroom ground floor purpose built maisonette out. My most recent tenants have left the place in a state and I need to claim on malicious damage. I’m nervous that my insurer will contact Adam & Company International, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- I took out a standard mortgage with Adam & Company International last September and then had to relocate due to my job, I am now looking to leasing my apartment out for a few months whilst I am abroad. What are my chances of obtaining consent to let from Adam & Company International, and what effect would this have?
- My husband and I are planning to ask Adam & Company International for consent to let out our home in Newham. We are relocating overseas for 2 years and need to rent out the property. I failed to check this out when we took the Adam & Company International mortgage, and that was only because we never thought an opportunity would arise such as this so was planning on occupying the house.
- I have a mortgage with Adam & Company International at present and just wondering if there any fees for obtaining consent to let
- My daughter has a mortgage with Adam & Company International and she wants to lease her apartment out as she moving in with her boyfriend.Will she be given consent to let? What is the process and fees involved?
- We would like to obtain consent to let on a house where we have a mortgage with Adam & Company International. If issued, how long would consent be given for? In asking for consent to let from Adam & Company International are we running the risk of them forcing us to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Adam & Company International 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
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
Should the tenure of your property be leasehold, the lease may prohibit 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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company International