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
- We are currently one year into a year fixed rate mortgage with Aldermore Bank. Ideally we would like to purchase a larger 2nd property in the next year however would like to retain the first house and I was enquiring as to what reason we could put down on the consent to let application to obtain consent to from Aldermore Bank
- I have recently been offered a job overseas and wondering if it's a good idea leasing my property out. Will Aldermore Bank permit me to change mortgage or give me consent to let? If not I will have to think about whether I should accept the job. I wouldn't mind paying more as I intend to return and live in my home after 1 to 3 years. I'm not doing it to to make money. Just really like my house and want to return to it at some point in the future.
- We are currently in Dubai and leasing out our apartment in the UK. This is not something we planned but an opportunity presented itself and we took it. The rent we make on the property is insufficient to cover the mortgage so we transfer funds each month to cover the shortfall. Anyway this morning I got a letter in the post from our lender telling me that because the property is being let out and has been for nearly three years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell the property but this will be difficult as I am on the other side of the world. Would it be possible to remortgage with Aldermore Bank and get consent to let?
- I am planning to apply for consent to let from my existing mortgage provider Aldermore Bank. A friend of mine said that she was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- There is a chance of me going to Aus for twelve months with work. Planning on taking the husband with me and hoping to rent our UK property in the meantime on a temp basis to make matters more cost effective. I was just wondering whether Aldermore Bank currently allows consent to let
- I am considering moving in with my partner but prefer not to sell my property. What is the process for getting consent to let from Aldermore Bank, and what are the chances that this will be issued?
- I recently completed on a garden flat in Ealing. I am a FTB. I am moving Belfast next month, can I get consent to let from my lender Aldermore Bank or do I have to wait six months?
- We are considering a remortgage offer with Aldermore Bank and it's likely I will need take advantage of any consent to let option if available during the fixed period. Are there any charges I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Aldermore Bank consent to let Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming invalid. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach 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 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