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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.
Questions and Answers: Paragon Mortgages consent to let
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Are any options available to me if my application to obtain consent to lease is turned down by Paragon Mortgages?
- Me and my sister are currently 1 year into a year fixed rate mortgage with Paragon Mortgages. We would like to acquire a larger second property in the coming months however would prefer to keep the first home and I was enquiring as to what reason we could put down on the consent to let application to obtain consent to from Paragon Mortgages
- I am interested to know how easy is it to seek consent to let from Paragon Mortgages. I'm interested in fixed residential mortgage and intend to live there but want to understand my options if work has opportunities elsewhere for instance in 2 or 3 yrs Could you let me know generally how receptive Paragon Mortgages are regarding consent to let?
- I applied for consent but I did not get it as I did a remortgage in July but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Paragon Mortgages but will they give me consent straight away?
- Prospective tenants are about to move into my property and I have mortgage offer from Paragon Mortgages on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- My son has a mortgage with Paragon Mortgages and he wants to let his flat out as he is moving in with his girlfriend.Will she be issued with consent to let? What is the process and charges involved?
- I would like to rent out my house for three years max. I would like to know if I could have a consent to let by my existing mortgage lender Paragon Mortgages?
- I am looking into the option of renting out my apartment with consent to let from Paragon Mortgages whist away travelling for a couple of months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Paragon Mortgages consent to let Advice
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
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 provisions in the lease may prevent 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
If you do not keep up the payments on your mortgage with Paragon Mortgages your property may be repossessed