Need professional advice for your consent to let with Newbury Mortgage Services Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My wife and I have a Newbury Mortgage Services home loan and are are up to date with payments, both employed etc. Do you know how much it will cost and if Newbury Mortgage Services usually grant consent to let without transferring to a different deal?
I have been asked by my proposed tenants for a letter by way of my ‘consent to let’ from Newbury Mortgage Services, my mortgage lender. Is this a standard request?
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.
One thing to remember when arranging a consent to let mortgage with Newbury Mortgage 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
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 conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting 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.