Need Help?
Need professional advice for your consent to let with Paratus AMC Ltd? 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 Paratus AMC consent to lease
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I have a residential mortgage coming up for renewal with Paratus AMC. The property has been sub-let for a couple of years and I think I should notifyParatus AMC. My understanding is that I can ask for a consent to lease, but given that the property has already been let out for a considerable time could they deny - determine that I go onto a BTL product and even fine me? I have over 25% equity in the house - and the rent will more than cover the mortgage.
- Am with Paratus AMC and wonder if I am duty bound to disclose if we no longer live in my house. I fear that they could jack up the interest rate if we move and rent it out but it's far from apparent what the increase would be. If I decide to let my house out and apply for consent to let how would the payments change?
- We are currently in NYC and leasing out our apartment in the UK. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we transfer funds each month to cover the difference. Last week our lender got in touch informing me that because the property is being let out and has been for nearly four years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the property but this will be difficult as I am on the other side of the world. Would it be possible to remortgage with Paratus AMC and get consent to let?
- We intend to lease our ground floor flat out. We have made an offer on another property for us to buy and have a tenant to move into ours. I assume I have to ask our lender Paratus AMC for consent to let. Is there a standard consent to let request letter I can copy?
- My husband and I have a Paratus AMC home loan currently and may wish to let it out temporarily with consent from Paratus AMC for (two years). Is this achievable?
- My existing mortgage is with Paratus AMC, but I am going to move out for around a year as we need to be nearer to my partner's parents. Will Paratus AMC give consent to let?
- Due to job opportunities I will be relocating to Scotland and would like to let out my flat temporarily, please let me know what action I need to take in order to get consent to let from Paratus AMC?
- I need to contact Paratus AMC to enquire about renting out our apartment. Will they post a form to me. Is there a form I can download?
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Caveats to be read in in addition to the above Paratus AMC consent to let Info
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming invalid. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed