Need Help?
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.
Examples of recent questions relating to Paragon Mortgages consent to let
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A friend of mine suggested that this Christmas I rent out my flat and make money from it during my vacation. It’s only for a fortnight. Is advanced consent to let from Paragon Mortgages required?
- I have had a current mortgage with Paragon Mortgages approaching two years and the fixed rate is about to expire. We are thinking of releasing equity out of our present address to allow us to acquire a more substantial home and then let out the existing three bed flat. We have had initial advice that we should look for a new residential mortgage with a consent to let - can you clarify what is involved?
- Can you please advise me what fees Paragon Mortgages levy for consent to let out part of my maisonette? Any insights would be appreciated.
- I have a three bed flat in Redbridge let out which has a sixty year lease. Mortgage adviser suggested I should refinance (currently with Paragon Mortgages) as a buy to let rather than consent to let and release 65-70k which on top of a new mortgage based on income multiples would give me a budget of £200k. Limited available in Ealing for me to buy my own house. To extend the lease will be in region of 19k. Not sure sure whether to hold on or sell the flat?
- I need to send the consent to let form by courier and need to know if Paragon Mortgages have a regular postal address I can use as couriers ordinarily don’t accept deliveries to PO Box addresses.
- I am one year into a three year standard mortgage with Paragon Mortgages. Just wondering if it's ok to let out the property on my current home loan. Will Paragon Mortgages issue consent to let?
- Is there flexibility in the accepted equity amount before transferring from an existing Paragon Mortgages mortgage to a consent to let?
- My fiance and I would like to lease out my apartment to be nearer to my daughter's college and take care of my father. Do I need consent to let from my lender Paragon Mortgages?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Paragon 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
Failure 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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