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Need professional advice for your consent to let with ModaMortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to ModaMortgages consent to lease
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Me and my husband have a ModaMortgages mortgage and are never missed a loan payment, both employed etc. Do you know how much the fees are and if ModaMortgages usually grant consent to let without porting the loan to a new mortgage product?
- I am looking to get a consent to let from ModaMortgages as my personal circumstances have changed. My stepdaughter was starting university and I concluded that we would move to the area and opted to purchase a house rather than spend the money on renting. Since purchasing the house there has been breakdown in my relationship with my my step daughter and she won't live there. Given that the whole idea was for her and the house location isn't so ideal for my work I would like to leave and rent out the house
- I have a mortgage with ModaMortgages. I wanted to purchase a second property and my financial adviser advised me to apply for a consent to let. As far as I am aware they only grant consent to let if I have the intention to move back into my current property. Have I been advised correctly?
- Last month I received consent to let on a normal mortgage with ModaMortgages with aim of moving to a BTL rate when the fixed term ends within the four months, so I'm uncertain if this adds to the complexity of the issue! Any information much appreciated.
- I'm planning to relocate to Kenya for eighteen months for my job but I don't want to change my mortgage to BTL as the intention is to move back into it when I return. Do you know if ModaMortgages charges additional interest? Is there any way around this?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with ModaMortgages to allow us to get a mortgage also with ModaMortgages for a new home?
- Just wondering if if consent to let would be forthcoming from ModaMortgages in order to move back in with my parents for a year or two and conserve some money on the lease extension for my property?
- I want to get consent to let from ModaMortgages for two years until I hope to switch to a B2L. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above ModaMortgages 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
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 could 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
Should the tenure of your property be leasehold, the lease may prohibit 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 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with ModaMortgages