Need Help?
Need professional advice for your consent to let with MBS Lending Ltd? 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 MBS Lending Ltd consent to lease
- Next month I will be moving to Denmark. As opposed to sell my house, I would like to rent it out, just in case things don’t go as expected. My current mortgage is with MBS Lending Ltd. If I applied for a refinance would a new lender see this as me seeking to dodge a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and therefore reject my application for Consent to Let?
- I have a shared ownership home in Hounslow and will be looking to buy out the rest of the property. However, within the next six months I may be working in Canada for a short period of time so would like to know what approach MBS Lending Ltd take to consent to let as I am considering a remortgage with them. I am by no means sure that they will lend on my property but in the meantime can you provide further information on their consent to let policy?
- I cannot locate the form to download "consent to let" on the MBS Lending Ltd website. Could you please email me a link to do it? Thanks a lot.
- My understanding is that this is a contravention of MBS Lending Ltd terms and conditions of mortgage if I rent out my flat having informed that I intend to reside there. The intention is to have the mortgage fully paid off after six years, by which time I will become the outright owner, meaning I no longer require any consent to let. MBS Lending Ltd advised me I can overpay as little as I like during the agreement. I have someone who wants to rent the property. What are the chances of MBS Lending Ltd finding out? Can you set out consequences of not getting consent to let? From what I have read there is a possibility of MBS Lending Ltd levying a fine
- I previously took a mortgage with MBS Lending Ltd, but I am going to need to get consent to let for approximately a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for a year (by living near her parents and getting their help) in a greener less hectic part of Manchester.
- I was just looking into consent to let as it's something potentially I would need from MBS Lending Ltd inside the next year. Our circumstances have changed, and I wish to rent my place out
- We have a consent to let letter that I have procured from my management company. I would think I need to attaching this with a letter to MBS Lending Ltd with a view to seeking consent to let from them. What address shall I send it to?
- Are you able to shed light what the process would be if we bought a new home and need to obtain consent to let for our existing mortgage with MBS Lending Ltd
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above MBS Lending Ltd consent to let Advice
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
Where 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 inform them may 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 provisions in the lease may prevent 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
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd