Need Help?
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.
Habito Consent to Lease Example Support Desk Enquires
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I have been asked by my proposed tenants for a letter by way of my ‘consent to let’ from Habito, my mortgage lender. Why would they ask for this
- I bought a house a couple of years ago in Liverpool when I worked locally. I got a promotion which involved working in Luton. I travel down on Saturday morning and live with a cousin during the week. I decided on relocating with the family to avoid the commute. I am exploring the option of renting out my existing home. My mortgage is with Habito, would I have to change my mortgage product or should I try to get consent to let?
- I have a mortgage with Habito on a flat and I would like to rent it out and rent an alternative property due to changes in personal circumstances - I want to move to a new location, and to live in a bigger property with my partner. I applied for consent to let and yesterday got reply with a refusal because they determined that I want to invest. I as at a loss as to what to do next. I find myself at risk since I already have rented a new house and am faced with paying both the Habito mortgage and rent payments, which could expose me financially. The matter is urgent as a potential tenant is waiting
- I recently got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our garden flat in Bexley we currently live in to rent out. Mortgage on the flat is with Habito. I wish to avoid putting myself in a situation with two residential properties only to be refused consent to let.
- I have just got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with Habito to allow us to get a mortgage also with Habito for a new home?
- I have a mortgage with Habito on a two year fixed rate. I could have an opportunity for a teaching job in Belgium in twelve months time. Would I be eligible for consent to let from Habito were I to accept this opportunity overseas?
- I currently have a mortgage with Habito. I am thinking about renting and purchasing another property but this is all new to me. What is the procedure for consent to let?
- I was just wondering if there are any costs in getting consent to let on a leasehold property when I have a mortgage with Habito
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Habito 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 Habito 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
Should the tenure of your property be 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 conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Habito