Need professional advice for your consent to let with Melton Mowbray Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Just wondered if Melton Mowbray Building Society choose to operate a right to increase interest rates on a non-commercial mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their Buy to Let loans'?
My wife and I have a Melton Mowbray Building Society home loan and are are up to date with payments, both employed etc. Do you know how much it will cost and if Melton Mowbray Building Society are likely to give us consent to let without porting the loan to a commercial rate?
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.
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 invalid. 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
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.