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.
Frequently asked questions relating to Masthaven Bank consent to lease
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Just wondered if Masthaven Bank exercise a right to change the rates on a standard mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL loans'?
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I am in a catch 22 with a Consent to Let home loan. In response to requesting consent to let the lender has asked me to provide them with a signed AST before they will grant consent. Is is not the case that if I adhered to their request that I would be violating the terms of my existing mortgage?
- Hi, I have a mortgage on an apartment with Masthaven Bank and I am pondering on the idea of leasing my property out. Could this be done without transferring my mortgage or getting consent to let from Masthaven Bank?
- I have just been presented with an excellent job opportunity for eight months abroad. I do have sufficient money to meet the monthly Masthaven Bank mortgage however the buildings insurance requires that the property must be occupied in order to be valid. Last December the roof had some leaks that were repaired. Should there be any problems during the winter months I would struggle to cover the repair costs. Will I qualify for consent to let from Masthaven Bank for a limited period?
- I am trying to figure out which lenders are best for granting consent-to-let without raising rates, and hopefully allowing in excess of two years where required. Is that something you can help with? We are particularly interested in Masthaven Bank
- I recently bought a apartment using a Masthaven Bank home loan. However I am currently living with mother and father. I don't want to move in until June 2017 due to personal reasons. In interim can I let out the property with consent to let?
- I was wondering if you can help. I do not have consent to let from Masthaven Bank and would like to know if this option would be possible for me to switch to as I need to move back home to look after my father
- Eleven months into mortgage with Masthaven Bank due to work reasons need to move. Do you think I can get buy to let or 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 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
Omitting 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 breach 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 Masthaven Bank your property may be repossessed