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Need professional advice for your consent to let with Marsden Building Society? 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 Marsden Building Society consent to lease
- Hi, I have consent to let my house with Marsden Building Society and am now looking to give my tenant two months notice as I intend to find a buyer. I am worried about the property being unoccupied once the tenant goes and finding a purchaser. I have never defaulted on the account, is it likely that I would be able to take payment holidays until sold?
- To what extent do the letting agents we rented through owe us a a legal obligation to have checked that the landlord sought consent to let from Marsden Building Society?
- Is it possible that lenders (I have a mortgage with Marsden Building Society) may start taking a more accommodating approach towards consent to let? A mortgage adviser suggested that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I move from a residential to a Buy to let I am moving to a regulated product. He suggested that under the current regulation lenders are reluctant to allow borrowers do this, which is likely why some banks will allow customers obtain consent to let but not transfer to a BTL mortgage. Is he correct?
- Just a quick question as a bit in the dark and wondering if Marsden Building Society conduct any checks when seeking a homeowner mortgage, I'm ideally looking to lease the property out and am unsure as to whether I should apply for consent to let. How would they find out if I let the property out?
- Marsden Building Society residential mortgage. Will they grant consent to let a property for a couple of years? I plan to return as an occupier.
- Was wondering how to obtain a consent to let from Marsden Building Society with whom I have a mortgage with. There is an outstanding balance of 47k. The value of property is 110k. Its in my name but my wife and I would like to purchase a one bedroom apartment in Islington we have seen together. How do we go about it?
- Is there a time limit on a consent to let from Marsden Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- About to remortgage my house but I will potentially moving out in the next year and would be looking to let it out. Do Marsden Building Society give a consent to let letter?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Marsden Building Society consent to let information
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Marsden Building Society your property may be repossessed