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.
Recently asked questions relating to Masthaven Bank consent to lease
- I would like to rent out my current residence and want to acquire a larger house for the family. I have a two year fixed mortgage with Masthaven Bank. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after a couple of years with an alternative lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- I applied for consent but I did not get it as I did a remortgage in September but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with Masthaven Bank but will they give me consent straight away?
- I have a question concerning consent to let. The property has a mortgage against it with Masthaven Bank (with a large chunk of equity). We are planning to move out of London and if at all possible want to lease out our house with consent to let from Masthaven Bank and use the income from that to help secure a 2nd mortgage for a house to live in. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender Masthaven Bank. Can you help me?
- Will Masthaven Bank want to know my reasons for seeking consent to let? Should I disclose my possible relocation abroad?
- At the moment I do not have consent to let from Masthaven Bank but I would like to change to one, I am looking at working away for two years. But want to keep my property for when I come back - can you assist?
- I could potentially need consent to let from Masthaven Bank in the future with work. I am just exploring what the options would be if this was the case. Is there a limit on the length you can let out your property with consent?
- I'm looking in more information about consent to let from Masthaven Bank. Would a valid reason be parking problems and the house is too big for me to run at this moment in time?
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 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
Failure 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
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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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