Need Help?
Need professional advice for your consent to let with Rely Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Rely Mortgages consent to let: Q and A’s
- I have had consent to let via Rely Mortgages for a while now but they now want to speak to me and I suspect their motivation will be to rid themselves of me. Are you able to assist?
- I would like to acquire a second house having recently purchased a one bedroom apartment on residential mortgage. Looking to purchase next year. I am told that I may require consent to let from Rely Mortgages, my existing mortgage provider? What is the best way to go about this and procure the permission required.
- My fixed rate mortgage with Rely Mortgages runs out late 2017 and I'm planning on fixing for a further 4 years with Rely Mortgages, with any luck rates will still be low. In in next couple of years I might wish to move for a couple of years to a different county. How difficult is it to get consent to let from Rely Mortgages in this situation? I would be returning after two years to reside in my property.
- I have a flat in Havering with a Rely Mortgages mortgage but I no longer reside there. My brother moved in but is there rent free. At the moment I live in rented accommodation and am looking to buy a house. I have come across a dream property at an attractive price. I have enough of a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to switch it to a BTL loan at the same time. Can I switch the current Rely Mortgages mortgage for my old apartment into a consent to let and use my reserves to pay a larger deposit for the homeowner mortgage on the property that I want to buy?
- I have separated from my wife and we have each moved into our parents house and plan to divorce. What do I have to do to get Rely Mortgages to give consent to let the property out to tenants?
- Were I to let my property with consent to let from Rely Mortgages will there be any rate uplift? I am currently on a fixed rate for two years.
- I am looking at some alternative lifestyle. I have a Rely Mortgages mortgage, if I become a US resident but wish to rent my UK house, do I need to get consent to let from Rely Mortgages to do this ?
- I wish to get consent to let from Rely Mortgages for two years at which point I can switch to a B2L. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Rely Mortgages 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
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
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 conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Rely Mortgages