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Need professional advice for your consent to let with MPowered Mortgages? 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 MPowered Mortgages consent to lease
- I am interested to know how difficult is it to get consent to let from MPowered Mortgages. I'm taking a fixed residential mortgage and intend to live there but want to understand my options if work has opportunities elsewhere for example in two to three yrs Could you let me know generally how receptive MPowered Mortgages are regarding consent to let?
- I am looking to apply to MPowered Mortgages for consent to let on our current residential property in Redbridge. I am planning to release equity from my existing property ahead of this, and using that money to purchase a second home. I will move into that house whilst doing it up for nine months at which point I plan to sell it then move back to my current house. Is this something MPowered Mortgages will consider consent to let for or is that out of their criteria?
- Where a landlord opts to lease out their property in the absence of consent to let by MPowered Mortgages - what, if any implication might there be for an agent acting for the landlord?
- I have a ground floor flat in Merton which I bought in 2007 and which I have since remortgaged with MPowered Mortgages on a fixed rate which ends next September. If I want to lease out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when seeking consent to let?
- I took a domestic mortgage with MPowered Mortgages and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- I am nine months into a three year standard mortgage with MPowered Mortgages. Just curious if it's permitted to rent out the flat on my current home loan. Will MPowered Mortgages issue consent to let?
- I am looking to MPowered Mortgages to grant consent to let out my basement flat in Brent. I am moving to Mexico for Eight months for work.
- I would like to know if I have a residential mortgage with MPowered Mortgages and decide to rent it out, does the rate get bumped up and are there any additional costs for seeking consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above MPowered Mortgages 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 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
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with MPowered Mortgages your property may be repossessed