Need Help?
Need professional advice for your consent to let with Aldermore Bank PLC? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Aldermore Bank consent to let
- Eighteen months ago we purchased our council house, in Camden,recently valued at £200k. 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 wish to retain it as a investment property to let out. We wish to release some equity via a Aldermore Bank mortgage. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. Are you able to assist?
- My brother plans to rent out his flat out without consent to let via his mortgage lender Aldermore Bank. He has been on an interest only loan since 2008. Currently owes £112k, having purchased the apartment for around £110k. In the absence of gaining consent to let from Aldermore Bank, exactly what sanctions does he risk?
- Me and my husband have a flat in Greenwich which we acquired as a new-build just over seven years ago. As childen are growing up we need more space. We've found a house in Camden that we're going to buy and want to keep the flat as an investment to rent out. The mortgage is with Aldermore Bank and we've found a tenant who will pay rent which more than covers the monthly mortgage payment. Our question is, can we keep the repayment mortgage with Aldermore Bank so we effectively paying off our mortgage on the property or must we to switch to a buy-to-let product?
- Twenty years ago I was granted consent by the local authority and my mortgage provider Aldermore Bank to convert a small barn into a granny annex, conditional on it not being disposed of separately from the main house. My parents died some years ago and I would now like to let it out with consent to let from Aldermore Bank. Do you think this can be negotiated?
- I would like to understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Aldermore Bank? Are you able to help?
- I am looking to Aldermore Bank to issue me with consent to let out my home in Greenwich. I am moving to Norway for 8 months for work.
- My brother and I have a mortgage with Aldermore Bank and would be thinking about buying another main residence and then subsequently leasing our current house out. Would I require consent to let from Aldermore Bank?
- Me and my husband am looking into the option of renting out my property with consent to let from Aldermore Bank whist away travelling for a few months
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Aldermore Bank consent to let information
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
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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Aldermore Bank your property may be repossessed