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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.
Recently asked questions relating to Masthaven Bank consent to lease
- In July 2013 I was issued consent to let from my existing mortgage provider which is about to come to an end. I have since been traveling and had my first child. My part time salary is not sufficient just now to cover the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in breach of the terms of my mortgage conditions. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to Masthaven Bank. Are they likely to grant consent to let from the start?
- What is the process for obtaining consent to let from Masthaven Bank? What information do they need? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it annually? What if I obtain a consent but decide not to rent the property out?
- Due to redundancy we are looking to move away from Hounslow and our house, potentially to a job in Norway but that means we will want to let the property but don't want the cancellation fees of existing Masthaven Bank mortgage which will be high.What are acceptable reasons for obtaining consent to let on our property?
- My husband and I are in a tricky mortgage situation currently. We have to lease our house with consent to let and move to a different location to be nearer to our daughter’s college. We are about to rent a home. We are finding it extremely difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- I already have a mortgage with Masthaven Bank. I am thinking about renting and buying another property but this is all alien to me. How do I apply for consent to let from Masthaven Bank and what are the steps within the process?
- I wish 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 grant consent to let? Is getting married and having kids a good enough reason to seek consent?
- We took out a mortgage with Masthaven Bank a few months ago and although it's a long way off we may have to relocate around next Summer and would like to be able to rent our house out. Would this be possible with a homeowner mortgage?
- In the event 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 penalties?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Masthaven Bank consent to let information
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 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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