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Need professional advice for your consent to let with Keystone Property Finance? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Keystone Property Finance consent to let: Q and A’s
- Please can you providing me a little info on what the procedure is for applying for content to let, what do I need to do. I am thinking about taking a Keystone Property Finance mortgage on a £140,000 property on the coming months. The intention is to hold the house as a second home but I need to consider what options are open to me to let the property in the future. If our situation was to change the property would either be sold or let out.
- I have exchanged contracts for a new build property in which I was going to move into, but my boss has presented me with the opportunity to work abroad for three years, can I let the new property with consent to let from Keystone Property Finance.
- For a couple of years now I have had a mortgage with my partner on our apartment which is up for renewal 1st August. I am having to relocate to Oxford for my company in February. Is it possible to move to a consent to let mortgage with Keystone Property Finance?
- We have a residential mortgage with Keystone Property Finance that we are having problems negotiating consent to let as a result of being in Dubai and leasing the property such a long time ago without their approval which was an inadvertent error by us. We have a 38% LVR and have been making overpayments of £500pm for three years so there are no arrears. We are willing to move onto a buy to let rate with them at a loaded rate however that has not been offered to us.
- My OH and I are planning to ask Keystone Property Finance for consent to let out our house in Bromley. We are moving overseas for 3 years and wish to let it out. I failed to check this out when we took the Keystone Property Finance mortgage, and that was due to the fact that we never thought an opportunity would arise such as this so was planning on living in the property.
- As a result of career opportunities I will be moving to Scotland and would like to let out my flat temporarily, are you able to confirm what action I need to take in order to obtain consent to let from Keystone Property Finance?
- My partner and I have had my home loan with Keystone Property Finance for eleven years with no arrear If I sought consent to let would I get a positive reply?
- Just wanted to know what needs to be provided to Keystone Property Finance in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another property with my husband.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Keystone Property Finance 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 may result in your insurance becoming null and void. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Keystone Property Finance your property may be repossessed