Need Help?
Need professional advice for your consent to let with Britannia? 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 Britannia consent to lease
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I am in an impossible situation with a Consent to Let mortgage. In response to requesting consent to let the lender has requested evidence of a signed AST before they will grant permission. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- If I was to let out my one bedroom apartment with consent to let via Britannia, what proof would be required of tenancy? If after twelve months I decided to let it on a number of short term lets, am I still required to provide evidence to Britannia, or will they leave me alone provided i keep up with the payments? For example if I let the rooms individually at a later stage, is there any reason for Britannia to know and would they take issue?
- I'm looking to acquire a studio flat in Southwark. I am only looking to be there for a year, and subsequently move into a larger flat. Rather than sell the prior home I would like to let it out so that it form part of my investment portfolio. Do you know if Britannia would grant consent to let after 6 months?
- Is it possible that lenders (my home loan is with Britannia) are adopting a more lenient approach towards consent to let? A broker suggested that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I move from a residential to a BTL I am moving to a regulated product. His belief was that under the current regulation banks are wary of letting borrowers do this, which is likely why some mortgage providers will permit borrowers apply for consent to let but not move to a Buy to let product. Is he right?
- Do you know if consent to let is something that Britannia offer?
- 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 half year rule before consent to let - does this apply to all lenders. Is there any way Britannia would allow it from day one?
- Me and my sister and I have a mortgage with Britannia on our studio flat in Bexley. We are planning to buy a new house and move in there. How do I move my current mortgage on to consent to let?
- Is consent to let required from Britannia if I am intending to reside in the property myself for half of the year? In addition if I obtain consent to let for a period of time, say up to two years, what happens after that.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Britannia 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
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 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
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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Britannia your property may be repossessed