Need Help?
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.
Top Five Questions relating to Marsden Building Society consent to lease
- At present I have a homeowner mortgage with Marsden Building Society. I have been offered a property as part of my job and wish to lease out my existing home. My financial broker has advised me it is a simple process. Are you able to provide me with some information please?
- I have a studio flat in Haringey let out which has a seventy year lease. Mortgage adviser suggested I should refinance (currently with Marsden Building Society) as a buy to let rather than consent to let and release 55-60k which on top of a new mortgage based on my income would give me a budget of £210k. Not much about in Lewisham for me to get my own place. A lease extension will be approximately 13k. Not sure sure whether to hold on or sell the flat?
- What is the maximum period of time allowable to Marsden Building Society that I would be able to let my property before being required to switch mortgage or sell my house? Essentially, my partner has asked me to move in with him and I really don't want to sell my house. I would like the comfort of knowing I still have my own property.
- I am expecting any day now a mortgage offer from Marsden Building Society for a freehold house. I have applied via a broker. It is a capital and interest mortgage. I wonder what is the main criteria Marsden Building Society adopt in order to grant borrowers consent to let? Is consent to let based on the rental multiple on a property?
- I am require from Marsden Building Society consent to let out my flat in Hounslow. I am putting in hand arrangements to live with my grandmother as I am off work due to ill health.
- I previously took a mortgage with Marsden Building Society, but I have to get consent to let for about 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for a year (by living near her mother and stepfather and having their help) in a greener more relaxed suburb of Liverpool.
- I am looking at new mortgages and also exploring the possibility of renting the property in the future - Is there a cost with Marsden Building Society to procure consent to let and what are the requirements?
- I need to contact Marsden Building Society to enquire about letting out our property. Do they send a document to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Marsden 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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Marsden Building Society your property may be repossessed