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Need professional advice for your consent to let with Mortgage Agency Services? 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 Mortgage Agency Services consent to lease
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I was thinking of renting out my apartment and make money from it while I am on vacation. It’s only for ten days. Will consent to let be needed from Mortgage Agency Services?
- Can you confirm whether it is probable that I will gain consent to let with normal mortgage through Mortgage Agency Services? We are preparing to move to Brent to live closer to our daughter’s college, but we are unsure if the relocation will be beyond a couple of years.
- Under what conditions will consent to let for a property be given from Mortgage Agency Services? How long do you have to have had the mortgage before consent to let can be granted by Mortgage Agency Services? By way of background:Our home is a very small apartment which is too small for us, my wife is also unwell and we are far away from family who could provide a bit of relief, in the form of babysitting. I would be looking at applying for consent to let in the first instance to be able to renting the property out to offset the expense of the Mortgage Agency Services mortgage.
- My property has had a mortgage against it with Mortgage Agency Services for the last eight years. Fast forward and I have got married and moved into my husband’s home. My property is currently unoccupied and have a choice to sell or let it out. Chances are that this will not be a short term agreement as I can't see me move back in. What should I tell Mortgage Agency Services with a view to obtaining consent to let?
- I’m about to finish the fixed rate period of my 2 year fix with Mortgage Agency Services and go on to the standard variable rate. Can you tell me if consent to let by Mortgage Agency Services is possible, if there are fees, and if there are time limits?
- How do I go about procuring consent to let from Mortgage Agency Services? Are there specific policies for example you have to have owned the property for over 9 or 12 months before its given?
- I am trying to find out if Mortgage Agency Services will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- Will I need consent to let from Mortgage Agency Services if I am planning to live in the apartment myself for half of the year? Furthermore if I receive consent to let for a period of time, say up to twelve months, what happens thereafter.
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Caveats to be read in supplemental the above Mortgage Agency Services 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
If 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 notify them may result in 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
Leasehold properties
Should the tenure of your property be 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
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Mortgage Agency Services your property may be repossessed