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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.
Top Five Questions relating to Masthaven Bank consent to lease
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Having endured living in a rough area for 3 years now, we are keen to relocate. As selling the property will result in early repayment charges to Masthaven Bank of £4000, we thought that it would best to rent it out. In the circumstances we need consent to lease from Masthaven Bank only a year. Will Masthaven Bank grant consent?
- I have to move my son’s school by mid-January and move to a different area. I don't have time to sell my house.The only way I can see of doing it is to let my house out. Currently I have standard occupiers insurance. Do I need different insurance? Am I required to get consent to let by my mortgage company Masthaven Bank
- My niece is going to work overseas for two years and wants to lease her property out. She has a Masthaven Bank fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- Much to my surprise I have been offered a once in a lifetime career opportunity for eight months in New York. I do have sufficient savings to cover the monthly Masthaven Bank mortgage however the buildings insurance requires continuous residency in order to be valid. Last Christmas the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would struggle to cover the remedial works. How likely is it that I will get consent to let by Masthaven Bank for the time I am overseas?
- I am looking to Masthaven Bank to issue me with consent to let out my home in Lewisham. I am about to commence a PhD opportunity in Maastricht University, Netherlands
- Interested to know if if consent to let would be forthcoming from Masthaven Bank in order to move back in with my parents for 12 months and conserve some money on the lease extension for my property?
- What information should I include in a letter asking for consent to let my house in Sutton? I would like to send a request to my lender Masthaven Bank.
- Do you know whether there a time limit on a consent to let from Masthaven Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Masthaven Bank consent to let Questions and Answers
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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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