Need professional advice for your consent to let with Kensington Mortgage Company Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Can Kensington Mortgage activate a right to put a loading on my interest rate on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL range'?
I’d appreciate your advice if you have had experience requesting Consent to Leasefor12 months from Kensington Mortgage or if you have any advice as to how such approval is given.
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.
One thing to remember when arranging a consent to let mortgage with Kensington Mortgage 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
Should the tenure of your property be 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Neglecting 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.