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Need professional advice for your consent to let with Bluestone Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Bluestone Mortgages consent to lease
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Will Bluestone Mortgages exercise a right to put a loading on my interest rate on a residential mortgage where Consent to Let at any time, onto ‘rates akin to their BTL products'?
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I am employed by a letting agency in loc and a potential tenant for the house has demanded evidence of the ‘consent to let’ from the owners lender Bluestone Mortgages. Why would they ask for this
- I am unable to find the form to download "consent to let" on the Bluestone Mortgages website. Could you please send me a link to do it? Many thanks.
- I am expecting to apply for consent to let from my existing mortgage lender Bluestone Mortgages. A friend of mine said that he 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?
- My husband and I have a Bluestone Mortgages mortgage currently and may want to let it out for a short period of time with consent from Bluestone Mortgages for (eighteen months). How easy is it to obtain consent to let?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way Bluestone Mortgages would allow it from the start?
- Just wanted to know what needs to be provided to Bluestone Mortgages in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another apartment with my girlfriend.
- Can you tell me how much the fees are and if Bluestone Mortgages ordinarily grant consent to let without changing to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Bluestone Mortgages 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
One thing to remember when arranging a consent to let mortgage with Bluestone Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Bluestone Mortgages your property may be repossessed