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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.
Questions and Answers: Marsden Building Society consent to let
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We acquired a flat in 209 for 305,000 with Marsden Building Society. I got married to someone in the RAF so moved in to married quarters in Belgium and appreciate that I have to obtain consent to let from Marsden Building Society. Do you have any experience of consent to let from Marsden Building Society?
- What information do Marsden Building Society require to to determine whether to grant consent to let. I have a 5 year fix with them. I have always paid the mortgage on time. I am looking at moving to Southwark owing to surprising growth of family. My financial situation has not changed and in fact my salary has gone up 20% since the mortgage started.
- Our current property in Islington has probably about £120K equity with a home loan with Marsden Building Society. It's a decent family house in a popular area and I think it would rent easily. We are possibly moving for my partner’s work and were thinking of keeping this house on as an investment property - would we need to change the loan to a B2L product or should we request consent to let by Marsden Building Society?
- My husband is in the army and he has been posted overseas and as we want to move as a family we need 'Consent to let' from our lender Marsden Building Society. Can you assist us?
- My partner and I are endeavouring to discover which lenders are best for granting consent-to-let without raising rates, and hopefully permitting in excess of two years if necessary. Is that something you can help with? We are particularly interested in Marsden Building Society
- We are intending to change lender to Marsden Building Society for a fixed rate but during this period will need to rent the apartment out for approximately one year. Do Marsden Building Society consent to let on fixed rate mortgages and if so, what are the procedures.
- I currently have a residential mortgage with Marsden Building Society and plan on letting due to work being based in Luton. In asking for consent to let from Marsden Building Society do I run the risk of them forcing me to change deal to BTL
- I am interested in consent to let for my home mortgaged with Marsden Building Society. How do I move forward? Do I have to write to Marsden Building Society and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Marsden Building Society consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Marsden Building Society