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Need professional advice for your consent to let with Paragon Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Paragon Mortgages consent to lease
- Bexley residence valued at £100k. Remaining home loan of £32k with half a dozen years left. Obtain consent to let from Paragon Mortgages for current property and use rent to pay off what is left of the loan. Apply for 65 per cent Paragon Mortgages loan on further premises that I will consider to be my main address? Can this be done?
- Due to redundancy we are looking to move away from Lambeth and our home, potentially to a job in Norway but that means we will want to let the property but don't want the cancellation fees of existing Paragon Mortgages mortgage which will be high.Can Paragon Mortgages refuse to grant us consent to let?
- My husband and I have a flat in Wandsworth which we purchased off-plan approximately eight years ago. As the family is growing we require a larger place. We've found a house in Tower Hamlets that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Paragon Mortgages and we've found a tenant who will pay rent in excess of the monthly mortgage amount. Our question is, can we keep the repayment mortgage with Paragon Mortgages so we effectively paying off our mortgage on the property or must we to switch to a buy-to-let product?
- I have been serving in the Royal Air Force for six years and intending to purchase a house with a Paragon Mortgages mortgage. I would like to get consent to let this house to my sister. In years to come I plan to live in the property with my wife and kids when my military career comes to an end. Will I need to apply to my superior officer to request permission to rent it out?
- I wish to know all the definitive criteria and requirements in place to change my Paragon Mortgages mortgage to a consent to let?
- I am looking for some generic information on consent to let. I currently have a mortgage in place with Paragon Mortgages. I have had licence to temporarily rent out my flat from the managing agents and they asked for a copy of the consent to from Paragon Mortgages.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Paragon Mortgages. My property is worth approx £200k and owe £85k on it. How likely is it that Paragon Mortgages increase my interest rate?
- I have a domestic mortgage with Paragon Mortgages which is only 6 weeks in but I have been relocated with work. How easy is it to get consent to let from Paragon Mortgages for a mortgage that has only recently commenced and I have just bought the property?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Paragon Mortgages consent to let information
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Paragon Mortgages your property may be repossessed