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Need professional advice for your consent to let with Platform Home Loans 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 Platform Home Loans consent to lease
- I've owned a studio flat in Bexley for six months with a Platform Home Loans mortgage and I'm enquiring if I would qualify for a consent to let.
- Our existing house in Redbridge has approximately £95K equity with a home loan with Platform Home Loans. It's a decent family house in a popular location and I think it would rent easily. We are possibly moving for my husband's work and were thinking of holding onto the house on as a rental property - should we be swapping the loan to a buy to let product or should we seek consent to let by Platform Home Loans?
- I have been a mortgage holder with Platform Home Loans for sixteen years. My divorce went through months ago put the property in my name by transfer of equity. My situation has changed, I want to keep my house but move in with my new partner, letting my house out. I have been told by my broker that I can ask for a consent to let from Platform Home Loans instead of a buy to let mortgage as I haven't purchased the property with the intention of letting it out, is this right?
- I am may soon need to apply for consent to let from my existing mortgage lender Platform Home Loans. A friend of mine said that she was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- Were we to ask for a consent to let letter by Platform Home Loans will we be made to change to buy to let mortgage? Our mortgage is with Platform Home Loans and as properties are not selling at the mo but we have seen one we like we were considering letting our home out in order to purchase the new and dispose of this one when the value improves.
- I took a homeowner mortgage with Platform Home Loans and with my circumstances changing massively in the last three months, can I apply for consent to let. What changes will affect me?
- I was just looking into consent to let as it's something potentially I would need from Platform Home Loans inside the next year. Our family circumstances has changed, and I would like to lease my place out
- My brother and I have had my mortgage with Platform Home Loans for eleven years and always made payments If I asked for consent to let would I get a positive response?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Platform Home Loans consent to let Questions and Answers
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
Where 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 notify them could result in your insurance becoming null and void. 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Platform Home Loans