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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
- I obtained consent to let from Halifax in 2013 but never used it and have since remortgaged to a new mortgage provider. I recently applied for consent to let. I was informed that it would be given since I met the criteria. I have now got a letter advising me that I must supply evidence from the DWP indicating that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £40 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- I was just seeking advice on whether I will be allowed to switch a residential mortgage with Halifax to a consent to let. It will be less than 65% ltv and it would alter from repayment to interest only?
- I own a house that's presently under shared ownership (My share is 50%) purchased in September 2013. I plan to go through the full purchase of the house. Me and my wife have also got a further house that we are hoping to buy. Mortgage in principle has been approved by Halifax. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new property
- I have a owner-occupier mortgage coming up for renewal with Halifax. I have had the property rented out for a few years and I now realise I should have disclosed this to Halifax. I understand that it is possible to ask for a consent to lease, but given that the property has already been let out could they refuse - force me to transfer to a BTL rate and even fine me? I have over 50% equity in the property - and the rent will more than cover the monthly loan payments.
- I am interested in discovering more about the Halifax consent to let procedure and prerequisites for granting.
- My partner is in the process of placing an offer on a new property in Lambeth and is getting a good deal as it requires some work done. We want to rent our current property for two years and then return. Is there anything in the Ts and Cs of my Halifax mortgage allowing me to lease it out or do I require specific consent to let?
- We have a fixed rate mortgage with Halifax and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Before we apply it would be helpful to know the repercussions if any of making the change and any facts that we need to be aware of.
- Are you able to advise me how much the fees are and if Halifax typically grant consent to let without changing to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further 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
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
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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Halifax