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.
Sample questions relating to Masthaven Bank consent to let
- I have a Masthaven Bank home loan and am looking to acquire consent to let as I wish to move to another home belongings to me. It seems may be able to help. How do your fees work for this service?
- What are the chances of Masthaven Bank in issuing me with Consent To Let on a 2 bed flat? It is currently on the market and it has been for three months. I need to sell but I'm mindful that given the lack of interest I will need to rent out the property in order to cover the monthly payments to Masthaven Bank (I no longer reside there). I would prefer to come clean with Masthaven Bank than keep them in the dark but I am worried as to how understanding they will be.
- I have a house in Bromley but I am moving with my girlfriend to a different town for career reasons and moreover near her university. Im keen keep my property but it is unlikely that I can afford a BTL mortgage. It will only be temporary -three years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Masthaven Bank. Do you think they will grant consent to let?
- How much does it cost to obtain consent to let by Masthaven Bank and is there a minimum period of time I should have resided in the property?
- Masthaven Bank. Will they grant consent to let a property for three years? I plan to return as a resident.
- I hope to purchase a new house but can't afford to sell my current apartment with a Masthaven Bank mortgage. Do you know acceptable terms for Masthaven Bank to issue consent to let? Is getting married and having kids an acceptable reason to make the request?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Masthaven Bank. My property is worth approx £185k and owe £48k on it. Do you think Masthaven Bank increase my interest rate?
- Is consent to let a less costly way of becoming a landlord? Isn't this a loophole for some people to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Masthaven Bank consent to let Questions and Answers
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming null and void. 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 your covenants under the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Masthaven Bank your property may be repossessed