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.
Examples of recent questions relating to Masthaven Bank consent to let
- My husband and I have a residential mortgage with Masthaven Bank. This has been in place for four years. We are considering leasing out our property and renting in a village near our kid’s school until a suitable home becomes available to buy. Do Masthaven Bank normally give consent to let and if so, what are the financial consequences?
- Two years ago we bought our council house, in Wandsworth,recently valued at £175k. It was paid for in full from our own finances, mortgage fee. We are prohibited from selling (without repaying back a significant amount of the discount) before 5 years have expired. Regardless, we wish to keep it as a investment property to rent out. We are considering taking out a mortgage with Masthaven Bank. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. is this something you can help me with?
- In a situation where a property owner opts to let out their property without consent to let via Masthaven Bank - what, if any implication could there be for an agent acting for the landlord?
- As we are relocating and unable to sell our flat, we are mulling over renting it out. Is it imperative to disclose this to Masthaven Bank? I am concerned that Masthaven Bank might change our terms. I thought if you continued paying on time it shouldn't be a problem, but am now concerned about insurance consequences if I have let my property out on the sly. Any thoughts?
- We are looking for some initial help re consent to let? We have a mortgage with Masthaven Bank and are thinking of leasing the property out for a couple of years, but cannot really afford to change to a buy to let rate. Is consent to let a viable option rather than to switching to a buy to let rate?
- How much of my loan allowance will be made available to draw down on if I convert my mortgage to a consent to let with Masthaven Bank?
- Do you know whether Masthaven Bank will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Masthaven Bank let me raise capital based on the rental income ?
- Assuming that I was successful in obtaining consent to let from Masthaven Bank, can I sell during the consent period? Is it possible that I would incur any charges?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental 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
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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