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Need professional advice for your consent to let with Mortgage Express? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Mortgage Express (No 2) Consent to Lease Example Support Desk Enquires
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Is it possible to remortgage on a consent to lease with Mortgage Express (No 2)?
- I have a friend who is thinking about leasing their property out and moving in with partner. The property is in Tower Hamlets and has a £95k home loan with Mortgage Express (No 2). What would she need to do to get consent to let if she decides to proceed.
- I rented my house out for three years from 2009-2012 while living overseas. I have a letter dated March 2010 from my building society granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be sufficient for the new lender Mortgage Express (No 2) for the house I wish to purchase.Your view would be appreciated
- I have a flat in Merton with a Mortgage Express (No 2) mortgage but I no longer live there. My dad moved in but is there rent free. I currently live in rented accommodation and am looking to purchase a house. I have come across a perfect property at an attractive price. I have enough of a deposit to use on the house I am interested in but would be a financial strain to pay enough off the old property to change it to a buy to let mortgage at the same time. Can I change the current Mortgage Express (No 2) mortgage for my old apartment into a consent to let and use my savings to pay a larger deposit for the domestic mortgage on the property that I am looking to purchase?
- My Mortgage Express (No 2) mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way Mortgage Express (No 2) would grant consent to let at the outset?
- I am trying to find out if Mortgage Express (No 2) 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.
- I was wondering if you can help. I require consent to let from Mortgage Express (No 2) and was wondering if this option is available to me to switch to as I must move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Mortgage Express (No 2) 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 lease may prohibit 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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 Mortgage Express (No 2)