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.
Foundation Home loans Consent to Lease Example Support Desk Enquires
- I've got an existing homeloan with Foundation Home loans for almost twenty four months and the fixed rate is due to be renegotiated. We are considering taking equity from our existing residence to enable us to buy a bigger house and then rent out the existing garden flat. We were originally informed that we ought to get a new domestic mortgage allowing for consent to let - can you explain what this is?
- I have a friend who is talking about renting their property out and moving in with partner. She has a house in Bexley and has a £80k mortgage with Foundation Home loans. What would she need to do to get consent to let if she decides to move forward.
- I am thinking of applying for consent to let from Foundation Home loans as my personal situation has changed. My stepdaughter started college and I concluded that we would move nearby and chose to purchase a house as opposed to spend the money on renting. Since purchasing the house I have fallen out with my step daughter and she refuses to live there. Given that the whole idea was for her and the house location isn't so convenient for my work I would like to move out and let the house
- How long do I need to have a further advance from Foundation Home loans before I can get consent to let. Can I call you to discuss my options please?
- This is not a question specific to Foundation Home loans but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- Are you able to help? I am just curious if Foundation Home loans offer consent to let as an option if I decided to rent out my home under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- I wondered if you could help clarify the process for getting a consent to let from Foundation Home loans? Are there specific requirements like you must reside in the property for a year before its issued?
- My OH and I would like to obtain consent to let on a house where we have a mortgage with Foundation Home loans. If issued, how long would consent be given for? In asking for consent to let from Foundation Home loans are we running the risk of them forcing us to change deal to buy to let
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Information to consider in further to the above Foundation Home loans 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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 Foundation Home loans your property may be repossessed