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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.
Frequently asked questions relating to Aldermore Bank consent to lease
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I was thinking of renting out my apartment and make money from it during my holiday. I only plan to be away for ten days. Do I need consent to let from Aldermore Bank?
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I plan to get in touch with Aldermore Bank to obtain consent to let out my house in Aldermore Bank. However I currently have the property for sale but there is no interest and paying a full mortgage, council tax and insurance on vacant house is a financial drain. How are Aldermore Bank going to react if I have the house on the market?
- I have a Aldermore Bank mortgage and have been renting my apartment omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. I suspect that they have sussed that I am not living there. Is my only option is to sell the flat prior to being repossessed?
- I would like to be informed of what the criteria is for Aldermore Bank for consent to let. I have come across contradictory suggestions in relation to charges and rates. I need to relocate for career reasons but I don't want to sell the house due to a difficult market.
- What is the longest period that Aldermore Bank is willing to issue Consent To Let for?
- We are nine months into a three year residential mortgage with Aldermore Bank. Just curious whether it's ok to let out the property on my existing home loan. Will Aldermore Bank give consent to let?
- We are looking to place my house on rent due to job commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Aldermore Bank at the moment until 2018 December
- I are considering applying to Aldermore Bank to obtain consent to let our house, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any further steps we will need to go through?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Aldermore Bank 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
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 notify them may trigger 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
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Aldermore Bank