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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.
Questions and Answers: Halifax consent to let
- I need to move my son’s school by mid-September and move to a new area. I don't have time to sell my house.The short term option is to lease my property out. Currently I have buildings and contents insurance. Am I obliged to take out a different insurance? What should request from Halifax regards to consent to let?
- Southwark apartment worth £150k. Halifax mortgage owing £30k with seven years to run. Get consent to let from Halifax for current residence and make use of income to pay off what is left of mortgage. Take out 70 per cent Halifax mortgage on second property that I will consider to be my primary address? Any reason not to do this?
- A few months ago I let out my one bedroom apartment having obtained Consent to Let with my bank. Six months have now elapsed and they have increased my mortgage rate as forewarned. I cannot swap to a more favourable product with them, as they will withdraw my consent to let. If I was to go with an alternative mortgage lender such as Halifax, would I need to obtain a BTL mortgage or could I simply remortgage and gain consent to let?
- We are locked into a fixed rate mortgage with Halifax for 2 years and have been living in the house for nearly eighteen months. Due to work I need to leave so I would like to lease the place out. How can I get consent to let from Halifax?
- Me and my husband are considering applying to Halifax to obtain consent to let our property, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- Last month purchased my home and took out a mortgage with Halifax but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- I was just wondering how to obtain consent to let from Halifax...do I phone them or write a letter to them?
- I need to contact Halifax to enquire about letting out our flat. Do they post a document to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Halifax 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 Halifax 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Halifax your property may be repossessed