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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.
Questions and Answers: Platform Home Loans consent to let
- I have a residential property but I am moving with my girlfriend to a different city for work purposes and moreover near her university. Im keen keep my property but not sure I can afford a buy to let rate. It will only be temporary -two years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Platform Home Loans. Is there a chance I won't be approved for consent to let?
- The hope is to move house. My question is whether consent to let will be given on my house for me to subsequently obtain a loan offer for the new house so I can effectively bid chain free and then let my property out when I move. Will Platform Home Loans give consent to let for 12 months? If so, and the rental goes to plan is it possible for the consent to let period be continued?
- I've been with Platform Home Loans for almost 2 years and have just re-fixed the mortgage rate. The loan to value is around 45%. We now need to move into my elderly mother-in-law's bungalow to care for her, it would preferable to rent our house out - do I need to seek consent to let from Platform Home Loans and is it likely to be expensive?
- I have been renting out my flat to students for a few years but not on a BTL mortgage because I naively considered that you only required a buy to let if you had more than one property. In trying to acquire a second property, I discovered that I should have obtained consent to let all along from my lender Platform Home Loans. I'm enquiring whether I can now seek consent to let from Platform Home Loans?
- I am considering renting out my property via a consent to let from Platform Home Loans, what charges can I expect to pay?
- My mortgage has been with Platform Home Loans for six years. I would like to apply for consent to let my flat. I have been waiting for a response from Platform Home Loans. Are you able to please check and help?
- I am trying to find out if Platform Home Loans will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I have fixed rate mortgage with Platform Home Loans. I am going have to let out my property due to necessity. If I apply for consent to let, will I have to pay a lot more interest?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Platform Home Loans 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
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 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 trigger 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 Platform Home Loans your property may be repossessed