Need Help?
Need professional advice for your consent to let with Mansfield Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Mansfield Building Society consent to let
- Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It is on the market and I am struggling to sell. This is probably due to an ongoing feud with the guy next door. I had no choice but to put it on the disclosure sheet. Mortgage is with Mansfield Building Society on a standard variable rate. Someone mentioned I should seek consent to let by Mansfield Building Society and let the flat out.
- I need to decide what to do ie let or sell. I have a Mansfield Building Society mortgage on my property (with fair amount of equity). I want to purchase and live in a second house but keep my old house and rent it out. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- At the moment I am looking to purchase my first property however, working as a contractor. I want to chose a mortgage provider that will permit short term letting with a residential mortgage so that I could rent out the property temporarily with long periods of absence without being required to switch to a BTL product. Are you able to advise me on how lenders would view this and specifically the approach taken by Mansfield Building Society.
- I have been serving in the armed forces for six years and planning to acquire a house using a Mansfield Building Society mortgage. I would like to be given consent to let this house to my parents. In the future I would reside in the property with my family when I leave the armed forces. Is this achievable?
- When it comes to consent to let from Mansfield Building Society am I supposed to tell them each time we get a new tenant and send them a copy of the lease document?
- Just wanted to know what needs to be provided to Mansfield Building Society in order to get consent to let? I just finished a three year fixed mortgage and possibly moving to another apartment with my girlfriend.
- I am currently in the process of getting a mortgage through Mansfield Building Society - There is a chance that in the within months I may decide to rent the property out - how would I transfer the normal mortgage to a BTL mortgage?
- Last month I purchased a property with 10% deposit for personal uses. A mortgage was taken with Mansfield Building Society. But my circumstances have now changed. I am being transferred overseas. Am I able to obtain consent to let from Mansfield Building Society and put the property up for rent?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Mansfield Building Society consent to let Questions and Answers
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 Mansfield Building Society 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
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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Mansfield Building Society your property may be repossessed