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Need professional advice for your consent to let with April Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to April Mortgages consent to lease
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I am employed by a letting agency in loc and have been ask but a prospective tenant of a property for a copy of the ‘consent to let’ from the owners lender April Mortgages. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I took out a new mortgage with April Mortgages recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a second property for residential purposes and let the old property out with consent to let. Is that likely to result in me stitching myself up?
- I have a question concerning consent to let. The property has a mortgage against it with April Mortgages (with a large chunk of equity). We are planning to move out of Cambridge and if at all possible would like to to rent out our house with consent to let from April Mortgages and use the income from that to help get approval for a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I am may soon need to apply for consent to let from my current mortgage lender April Mortgages. 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 AST. Can you explain what this is?
- I am relocating for work for as long as 12 months... I was wondering if I was able to obtain from April Mortgages consent to let the house out while abroad as I do not want to leave it unattended for that period
- Is there discretion in the accepted equity ration before switching from a current April Mortgages mortgage to a consent to let?
- Six weeks ago I purchased my home and took out a mortgage with April Mortgages but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- What are the implication if I have already leased out the property for a number of years as an HMO and now wish to go legit with April Mortgages by getting consent to let ? (work on the basis that April Mortgages had in the past issued a homeowner mortgage previously)
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Information to consider in supplemental the above April Mortgages consent to let Questions and Answers
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
Where 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 null and void. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with April Mortgages your property may be repossessed