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
- I have been granted consent to let by Aldermore Bank for a while now yet they now wish to speak with me and I suspect their motivation may be to rid themselves of me. Are you able to assist?
- As things stand we have a 5 year fixed term home loan with Aldermore Bank that we're about a year into. Our circumstances have now altered and we would like to rent out our house for a while and whilst we relocate to Hackney. How do we minimise the possibility of Aldermore Bank rejecting consent to let.
- I have a flat in Enfield with a Aldermore Bank mortgage but I no longer reside there. My dad moved in but pays no rent. At the moment I live in rented premises and am looking to buy a house. I have identified a dream property at reasonable price. I have enough of a deposit to put down on the house I am interested in but would find it difficult to pay enough off the old property to switch it to a buy to let mortgage simultaneously. Can I change the current Aldermore Bank mortgage for my old property into a consent to let and use my reserves to pay a larger deposit for the domestic mortgage on the property that I want to buy?
- Is it possible that lenders (I have a mortgage with Aldermore Bank) may start taking a more lenient approach towards consent to let? A broker recently told me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a homeowner to a Buy to let I am moving to a regulated product. His belief was that under the current regulation lenders are reluctant to allow borrowers do this, which may explain why some lenders will permit borrowers apply for consent to let but not transfer to a BTL mortgage. Is he correct?
- I have a mortgage with Aldermore Bank and am considering letting it for eight weeks while on holiday. Will Aldermore Bank consent to this?
- I am fixing my residential mortgage with Aldermore Bank but due to work related issues I may have to go abroad for few years. Will Aldermore Bank allow and grant consent to let and will any penalties be applied in such a situation
- Are you able to confirm what the procedure would be if we purchased a second property and need to apply for consent to let for our existing mortgage with Aldermore Bank
- Not sure if you can help What do my wife and I need to do to obtain consent to let from Aldermore Bank? And what are the costs involved?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Aldermore Bank consent to let information
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 terms are not adhered to you may be in breach of your covenants under 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Aldermore Bank your property may be repossessed