Need Help?
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.
Common questions relating to Masthaven Bank consent to lease
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Have any of your clients had experience applying for Consent to Letfor12 months from Masthaven Bank or if you know how such approval is given.
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Masthaven Bank have just granted me consent to let. After some effort, Masthaven Bank have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- As things stand we have a five year fixed term mortgage with Masthaven Bank that we're approximately 12 months into. Our situation has now changed and we would like to rent out our flat for a year and whilst we relocate to Ealing. What can we do to minimise the risk of Masthaven Bank rejecting consent to let.
- Due to redundancy we are looking to move away from Bexley and our flat, potentially to a job in Sweden but that means we will want to let the property but don't want the penalty fee of existing Masthaven Bank mortgage which will be high.What are acceptable reasons for obtaining consent to let on our property?
- Is there a maximum period that Masthaven Bank is willing to grant me the Consent To Let for?
- We have a mortgage with Masthaven Bank at present and just wondering whether Masthaven Bank currently allows consent to let
- I was just wondering how to obtain consent to let from Masthaven Bank...do I call them or apply formally in writing to them?
- I have a mortgage with Masthaven Bank. I am considering moving out and renting out my property. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Masthaven Bank consent to let Info
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 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 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 lease may prohibit 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Masthaven Bank