Need Help?
Need professional advice for your consent to let with Halifax? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Halifax consent to lease
-
I was thinking of renting out my flat and make money from it during my vacation. I only plan to be away for ten days. Is advanced consent to let from Halifax required?
- I spoke to a mortgage broker friend last week. He said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Halifax) until at least four weeks before I plan to rent out the property. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- I have had a mortgage for six years with Halifax. My other half has purchased a house in Bromley and I have the chance to live with him. Can I lease out my apartment with consent to let in case I need to move back? Also what legal paperwork must I provide Halifax with when completing the consent to let application?
- I am looking for some initial feedback as to whether consent to let is a sensible proposition. I bought my flat 7 months ago by porting an existing Halifax mortgage product. My fixed rate came to an end three months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Halifax, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to transfer to a buy to let mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to find additional capital to meet the 65% LTV ratio required for a BTL mortgage. It would be preferable to obtain consent to let from Halifax for 1-2 years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
- Iwould like to let our home and purchase another. What do I need to supply Halifax to get consent to let?
- I am looking for some generic information on consent to let with Halifax: I am moving to become a non-UK resident. This might be for a number of years. However I will be on a four month probation period .I'm wanting to know the criteria for consent to let from Halifax and what charges are to be incurred
- I am a Halifax borrower. I would like to apply for consent to let my flat. I have been waiting for a response from Halifax. Are you able to please check and help?
- Please could you clarify what the procedure would be if we move to a new home and need to obtain consent to let for our existing mortgage with Halifax
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Halifax 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
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 violation of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Halifax