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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.
Recently asked questions relating to Halifax consent to lease
- My partner and I were intending to purchase a one bedroom apartment with a £20,000 deposit with the intention of living there. However in the next two years the in-laws have plans to move to New York for a year or two so we plan to move into the in-lawsHarrow apartment to "housesit". Should we proceed with a residential mortgage with Halifax would we likely encounter any issues with switching to consent to let ?
- I have a mortgage with Halifax. I wish to buy a second house and my mortgage broker suggested I apply for a consent to let. I was under the impression that they would only grant consent to let where it is my intention to go back to my current property. Is this correct?
- I want a bit of precautionary insight to see consent to let is a viable option. I bought my apartment 6 months ago by transferring an existing Halifax mortgage product. My fixed rate ran out 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 move to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a feasible option for myself and 2) I need to come up with additional capital to satisfy the 65% LTV ratio required for a BTL mortgage. Ideally I would like to receive 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, reoccupy it.
- I have had a home loan with Halifax for 1999. My divorce went through three years ago put the property in my name by transfer of equity. My circumstances have changed, I wish to retain my house but live with my new partner, leasing my house out. I have been informed by my broker that I can ask for a consent to let from Halifax rather than a buy to let mortgage as I haven't purchased the property with the intention of letting it out, advice please?
- Is there a maximum period that Halifax is willing to issue Consent To Let for?
- I would be interested to know what information I should include in a letter asking for consent to let my house in Enfield? I would like to send a request to my mortgage provider Halifax.
- I recently completed on a property with a Halifax mortgage. However I am presently living with parents. I don't want to move in until September 2017 due to some family issues. In interim can I rent out the property with consent to let?
- Are you aware if there is normally a maximum LTV before Halifax will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Halifax consent to let information
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
Where 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 notify them could 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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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