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Need professional advice for your consent to let with ASTRA mortgages? 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 ASTRA mortgages consent to lease
- I have had consent to let by ASTRA mortgages for some time now yet they now want to speak with me and I expect their motive is to get rid of me. Are you able to assist?
- I took out a homeowner mortgage with ASTRA mortgages last December and then had to relocate due to my job, I am now considering leasing my flat out for six months whilst I am abroad. Am I able to get a consent to let from ASTRA mortgages, and what effect would this have?
- Is it possible? The property has a mortgage against it with ASTRA mortgages (with fair amount of equity). I want to purchase and live in a second house but keep my old house and rent it out. 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 have found myself in the accidental landlord scenario and without consent to let from ASTRA mortgages. I had to leave my apartment for career reasons, so am now based in another part of the country. I originally attempted to sell the flat, but prices were deflated, which meant I was in negative equity. This was three years ago in 2011, which has since seen the property price increase and has given me time to save. I am in now in a position where I can now switch to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert ASTRA mortgages that I have been letting without consent to let? I am aware that I shouldn’t have done what I did, but circumstances meant it was the only thing I could do to keep my head above water. Can I change to a BTL without ASTRA mortgages knowing what I’ve done?
- ASTRA mortgages residential mortgage. Will they grant consent to let a property for 18 months? I reoccupy as an owner.
- My daughter has a mortgage with ASTRA mortgages and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the procedure and fees involved?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with ASTRA mortgages. My property is worth approx £250k and owe £57k on it. Will ASTRA mortgages increase my mortgage rate?
- I was just enquiring how to obtain consent to let from ASTRA mortgages...do I call them or apply formally in writing to them?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above ASTRA mortgages 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
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 notify 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 ASTRA mortgages your property may be repossessed