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.
Common questions relating to Paratus AMC consent to lease
-
Can a new mortgage be taken on a consent to let with Paratus AMC?
- I would like to let my current house and want to purchase a larger house for the family. I have a two year fixed mortgage with Paratus AMC. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after two years with a different lender? What consequences does that have apart from the higher rates - will I need a higher equity portion in the property too ie lower ltv?
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I can't find a buyer. This is probably due to an ongoing dispute with the family next door. I have had to put this on the disclosure sheet. Mortgage is with Paratus AMC on a fixed rate. It has been suggested to me that I should obtain consent to let via Paratus AMC and let the flat for a couple of years.
- I am in the Royal Air Force and am looking to purchase a property using a Paratus AMC mortgage. I would like to obtain consent to let the house to my mother and father in law. In years to come I would live in the property with my family when I leave the Royal Air Force. Is this achievable?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Paratus AMC to allow us to get a mortgage also with Paratus AMC for a new home?
- Will Paratus AMC choose to exercise a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to remortgage on a consent to let with Paratus AMC?
- Last month I purchased a flat using a Paratus AMC home loan. However I am currently living with mother and father. I don't want to move in until next January due to personal issues. In meantime can I lease out the property with consent to let?
- I would like to rent out my house for 3 years max. How do I go about getting consent to let from Paratus AMC who I have a mortgage with?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Paratus AMC consent to let Advice
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
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 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed