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Need professional advice for your consent to let with Habito? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Habito consent to let
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Is consent to lease required from Habito or can I rent out my basement flat without telling Habito and being forced to switch to a buy-to-let loan?
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The tenants for my property have asked for a duplicate of my ‘consent to let’ from Habito, my bank. Is this normal?
- It seems as though I will have the chance to go and work abroad in a couple of years. I am therefore considering downsizing to a newbuild apartment in Brent which I could rent out with less difficulty as and when required. I would aim to keep half the equity in the new property which would be my home for a while. My current mortgage co limits consent to let for a year. I expect to be renting it out longer term and not having consent could land me in a whole host of trouble. B2L seems inappropriate when I will be living there, maybe for 2-3 years initially. What product should I be seeking, and from which lender? Would, for example, Habito provide consent to let for more than a year?
- I would like to be informed of what the criteria is for Habito for consent to let. I have come across different suggestions in relation to charges and rates. I need to relocate for career reasons but can not sell the house due to a depressed market.
- I have a letter to Habito requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- How much is it to get a consent to let from Habito on my residential property. Last week I moved in with my partner and have a friend wanting to let out the property.
- Will Habito choose to exercise a right to convert the rates on a domestic mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Is it possible to refinance on a consent to let with Habito?
- I am a Habito borrower. I would like to apply for consent to let my property. I have been waiting for a response from Habito. Could you please check and help?
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General Advice to read in supporting the above Habito consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Habito your property may be repossessed