Need Help?
Need professional advice for your consent to let with Foundation Home Loans? 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 Foundation Home loans consent to lease
- I have a shared ownership property in Tower Hamlets and will be looking to buy out the rest of the property. However, within the next six months I may be working in Canada for a short period of time so would like to know what approach Foundation Home loans take to consent to let as I am considering a remortgage with them. I am by no means sure that they will lend on my property but as an aside can you provide further advice on their consent to let criteria?
- I have just been on a call with Foundation Home loans who have advised me that it has been brought to their attention that I have been letting out the garden flat despite having a resi mortgage. I had to move two years ago for childcare reasons, was unable to sell and was left with little option but to rent out the property. Do you know what the connotations will be for me not procuring consent to let?
- Am applying for a home loan with Foundation Home loans, but we are running up against a serious block. My husband is a teacher in a boarding school, and as such we are provided with a residence as part of his employment. We wish to buy a maisonette with a view to joining the property ladder, and rent it out while we're living at the school accommodation. I had thought Foundation Home loans would grant consent to let from the outset of the mortgage. It appears that I may not be able to get consent to let. Can you give me any ideas what we can do?
- I have let out my maisonette in Barnet for the past 20 months, and I didn't realise that I required consent to let. I now want to rectify this. Would this be an issue?
- This is not a question specific to Foundation Home loans but do mortgage companies usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- We wish to move home and have identified a property we wish to purchase so are considering renting out with consent to let from Foundation Home loans for our original property to allow us to place an offer and not lose the potential new property.
- My partner and I took a mortgage with Foundation Home loans but am told they have a stipulation that they will not give consent to let the property to a local authority. Is this correct and if so, is there a method to bypass this?
- I am fixing my homeowner mortgage with Foundation Home loans but as a result of my job I might have to live abroad for few years. Will Foundation Home loans allow and grant consent to let and there be any penalty
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Caveats to be read in in addition to the above Foundation Home loans consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Foundation Home loans 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 regular 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 lease may prohibit 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 the lease. This could trigger 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 Foundation Home loans your property may be repossessed