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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
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We have a Halifax mortgage and are never missed a loan payment, in gainful employment etc. Do you know how much it will cost and if Halifax usually grant consent to let without transferring to a new mortgage product?
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What options are open to me if my request for consent to let is rejected by Halifax?
- I am looking for some precautionary advice to consider if consent to let is a viable proposition. I completed the purchase of my apartment nine months ago by transferring an existing Halifax mortgage product. My fixed rate finished three months ago. I'm currently deliberating 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 change to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a viable option for myself and 2) I need to raise extra capital to meet the 65% LTV ratio required for a BTL mortgage. It would be preferable to get a 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 got a homeowner mortgage with Halifax last December and then had to relocate for work, I am now looking to letting my property out for a year whilst I am away. Am I able to get a consent to let from Halifax, and what effect would this have?
- Our Halifax mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I have a mortgage with Halifax but am told they have a policy that they do not issue consent to let the property to a housing association. Is this true and if so, can you suggest a way round this?
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some borrowers to exploit?
- Are you aware if there is usually a maximum LTV before Halifax will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to 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
If your property is leasehold, the lease may prohibit 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Halifax your property may be repossessed