Need Help?
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.
Common questions relating to Magellan Homeloans consent to lease
- Much to my surprise I have just been presented with an excellent job opportunity for eight months overseas. I have enough cash reserves to meet the monthly Magellan Homeloans mortgage however the block insurance stipulates that the property must be occupied in order to remain valid. Last December the roof suffered storm damage but was repaired. Should there be any problems in the winter months I would find it hard to cover the remedial works. Would I be eligible for consent to let by Magellan Homeloans for the time I am abroad?
- My husband have an offer accepted to buy a house, we have a deposit of between 20-25% for a residential mortgage with Magellan Homeloans. The one concern is we may leave the country in two months for work. We are using a mortgage broker. She says if you tell this to Magellan Homeloans up front we will need to get a buy to let. Do go ahead with residential mortgage with Magellan Homeloans, shortly thereafter ask them if I can have consent to let? Otherwise, do we try and contact Magellan Homeloans now and say there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm in advance that it should not be a problem
- Me and my partner are about to buy a property together. Intention is for me to get consent to let my property from Magellan Homeloans. Thinking further ahead - when my 2 year fixed period expires - how would it work if I sought to refinance my flat?
- I have been in the Royal Navy for five years and planning to purchase a house with a Magellan Homeloans mortgage. I would like to be given consent to let this house to my parents. In years to come I plan to live in the property with my family when I leave the Royal Navy. Is this feasible?
- This is not a question specific to Magellan Homeloans but do mortgage companies generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- If I were to apply for consent to let from Magellan Homeloans how long does it take to get consent to let after you apply to Magellan Homeloans. ?
- I'm possibly going to Aus for a year with work. Planning on taking the husband with me and hoping to rent our UK home in the meantime on a short term basis to make things more cost effective. I was just wondering I have filled in my application form but I'm unsure where to send it
- I currently have my mortgage with Magellan Homeloans and have been for the previous twenty months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
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General Advice to read in supplemental the above Magellan Homeloans consent to let Questions and Answers
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
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 inform them may trigger 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 restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Magellan Homeloans