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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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I have a homeowner mortgage over my residence in loc and intend to move to country for two years. During this time it would be ideal if I could rent out my apartment. My lender refuses to issue a consent to let. It’s hardly ideal to move to a buy to let loan as it’s only a short term option that I am abroad for.
- Eight months ago my bank (not Adam & Company International) issued me with consent to let. This was subject to a provision that every half year they would levy a fee of half a percent of the remaining mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been withdrawn.
- My wife and I may be given an opportunity to work in a different office in the UK for a couple of months and wish to know if we can rent our existing flat. It is a 2 year fixed rate and we are seven months into the mortgage with Adam & Company International. We have lived at the property for nearly 3.5 years. Our LTV is 80%. What are the chances of obtaining consent to let from Adam & Company International? What can we expect in fees etc
- I have a property in Enfield with a Adam & Company International mortgage but have not lived there for a while. My sister moved in but pays no rent. At the moment I live in rented accommodation and am looking to buy a house. I have found a perfect property at an attractive price. I have sufficient for a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a BTL mortgage at the same time. Can I transfer the current Adam & Company International mortgage for my old property into a consent to let and use my reserves to pay a larger deposit for the residential mortgage on the property that I am looking to purchase?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Adam & Company International? Are you able to help?
- Just curious as to whether it is possible if you own one property with consent to let from Adam & Company International, to buy a second with a homeowner mortgage to live in. Then once the consent expires on the first property, to change to buy to let or sell it?
- We are close to purchasing a place and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Adam & Company International? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- Last month I purchased a house with 10% deposit for personal reasons. A mortgage was taken with Adam & Company International. However my circumstances have now changed. I am being transferred out of the location. Am I able to obtain consent to let from Adam & Company International and put the property up for rent?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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