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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
- Can you confirm if it is likely that I will obtain a consent to let with first time buyer loan with Mortgage Agency Services? We are planning to relocate to Sutton to be nearer to our children’s school, but we are uncertain if the relocation will be permanent.
- In June 2013 I was issued consent to let from my current lender which is about to come to an end. I have since been traveling and had my first child. My part time salary is not sufficient just now to cover the mortgage by myself. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I don't think the buy to let will be approved. One option I am considering remortgaging to Mortgage Agency Services. Are they likely to give consent to let from commencement of the mortgage?
- I found tenants for my property last year and didn't tell Mortgage Agency Services. I have a three year domestic mortgage (large amount of equity in it, no arrears) and want to let Mortgage Agency Services know and get consent to let for the final two years of my mortgage . I am unsure what to do.
- A colleague recently asked for CTL from the Woolwich which they turned down as the mortgage had not been in place for six months. I am about to ask for consent to let from Mortgage Agency Services. Will they adopt the same rule?
- My OH and I own a property in Manchester with Mortgage Agency Services and am moving to rent a property in Devon due to work. Is consent to let from Mortgage Agency Servicespossible? I only want to let out the flat for six to nine months before selling.
- I have a consent to let letter that I have procured from my management company. I presume I need to send this with a letter to Mortgage Agency Services with a view to getting a consent to let from them. What address shall I post it to?
- I am currently in the process of getting a mortgage through Mortgage Agency Services - There is a chance that in the coming months I may decide to rent the property out - how would I swap the 1st time buyer mortgage to a buy to let mortgage?
- I am looking at taking a job overseas and have been advised that I need to let Mortgage Agency Services know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
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Important warnings to consider in conjunction with the above Mortgage Agency Services 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 Mortgage Agency Services 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 provisions in the lease may prevent 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 your covenants under the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Mortgage Agency Services your property may be repossessed