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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.
Halifax consent to let: Q and A’s
- Under what conditions will consent to let for a property be granted via Halifax? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Halifax? In order to give you some perspective:We were living in a very small mid terrace house which is too small for us, my wife is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I am looking at obtaining consent to let initially in order to put a tenant in it to offset the costs of the Halifax mortgage.
- I am looking to move and let out my garden flat in Enfield. Having bought it in June 2008 and presently on a 90% ltv there is little equity in it. My mortgage is with Halifax. Do you know where Halifax stand on consent to let?
- I wish to move home and I am wondering if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then rent my property out once I move. Is it likely that Halifax grant consent to let for a year if they know I am wanting to buy a further property or only if I am moving short term with work?
- Require some information concerning leasing a property and consent to let. Later this year I want to move in with my fiance. The council would like to rent my flat for three year commitment with rent and service charges covered. The mortgage is with Halifax. Please advice
- I am looking to Halifax to issue me with consent to let out my basement flat in Barnet. I am moving to look after my step-mum who has liver failure
- I am currently in the process of applying for a mortgage through Halifax - It is possible that in the within months I may decide to rent the property out - how would I change the normal mortgage to a BTL mortgage?
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a domestic mortgage with Halifax
- I am looking at taking a job overseas and have been advised that I need to let Halifax know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
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General Advice to read in conjunction with the above Halifax 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming invalid. 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of 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