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Need professional advice for your consent to let with Magellan Homeloans? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Magellan Homeloans consent to lease
- Me and my brother jointly own a property in Hillingdon with a Magellan Homeloans mortgage. I want to move out and purchase a house with my fiancee. How should I deal with finding a tenant for my room? Do I require consent to let from Magellan Homeloans. My brother will continue to live in the flat
- Since we are relocating and unable to find a buyer for our property, we are considering letting it out. Am I required to advise Magellan Homeloans? If we do, I think they will want to change our mortgage to buy to let and increase rate which we can't afford. I was thinking that as long as I continued paying on time it shouldn't be an issue, but am now nervous about insurance consequences if we haven't come clean. Any advice?
- My fiance took out a fixed rate mortgage with Magellan Homeloans for two years and have been living in the flat for just under six months. Due to work I need to vacate so I would like to rent the place out. What is the best way to go about getting consent to let from Magellan Homeloans?
- I am on a 2 year fixed rate mortgage with Magellan Homeloans which began in December. I will be moving out in July and have people ready to let my flat. I need to get a letter from Magellan Homeloans granting consent to let until my term is up to allow me time to move onto a BTL. How do I go about this?
- I am considering moving overseas for work and would like consent to let from Magellan Homeloans whilst I am away. Is the way forward to prepare a letter requesting consent to let and send it off in the post to Magellan Homeloans? The point of renting the property isn't to make money but to keep the property in case things don't turn out as well as we hope
- I am looking for some generic information on consent to let with Magellan Homeloans: I am moving to Amsterdam to start a new job. Potentially for a number of years. However I will be on a four month probation period .I would like to know the criteria for consent to let from Magellan Homeloans and any costs to be incurred
- I have a homeowner mortgage with Magellan Homeloans and require consent to let. What are the factors and procedures that I need to be aware of in order to obtain consent?
- Is there leeway in the accepted equity amount before switching from a current Magellan Homeloans mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Magellan Homeloans consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Magellan Homeloans 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 standard 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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Magellan Homeloans