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Need professional advice for your consent to let with Masthaven Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Masthaven Bank Consent to Lease Example Support Desk Enquires
- My husband and I were looking to purchase a three bed flat with 30k down payment with the aim of moving in. Somewhat fortuitously the in-laws have plans to live abroad If we were to go ahead with a residential mortgage with Masthaven Bank would there be any issues with switching to consent to let ?
- Greenwich premises valued at £275,000. Masthaven Bank mortgage owing £20k with seven years to run. Obtain consent to let from Masthaven Bank for current residence and make use of rent to pay off remaining of the loan. Take out 65 per cent Masthaven Bank loan on new house that becomes my main residence? Can this be done?
- My gf and I might have to rent out her apartment, and I have a query concerning getting authority to do so. I know I need to inform Masthaven Bank and get a consent to let or change to a BTL product. Given that the property is leasehold do we need consent to let from the residents association?
- Me and my OH have a flat in Bromley which we acquired as a new-build just over seven years ago. As the family is growing we are looking for more space. We've identified a house in Redbridge that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Masthaven Bank and we've found a tenant who will pay rent in excess of the monthly mortgage amount. My query is, can we keep the repayment mortgage with Masthaven Bank so we effectively paying off our loan on the flat or must we to switch to a buy-to-let product?
- Are you able to give me some initial insight re consent to let? We have a mortgage with Masthaven Bank and are thinking of renting the property out for a couple of years, but cannot really afford to convert to a buy to let mortgage. The estate agent mentioned something about a content to let
- Assuming that I was successful in obtaining consent to let from Masthaven Bank, could I sell during the consent period? Is it possible that I would incur any charges?
- I am interested in consent to let for my house mortgaged with Masthaven Bank. How do I proceed? Do I have to write to Masthaven Bank and get them to agree?
- I have a standard mortgage with Masthaven Bank. I acquired the property in November this year. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Masthaven Bank consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Masthaven Bank 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 standard 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
If your property is leasehold, the lease may prohibit 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 the lease. This could potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Masthaven Bank