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.
Sample questions relating to Rely Mortgages consent to let
- Existing apartment valued at £100k. Rely Mortgages mortgage owing £32k with half a dozen years to run. Obtain consent to let from Rely Mortgages for current residence and utilise income to pay off what is left of the loan. Apply for sixty per cent Rely Mortgages mortgage on new house that I will consider to be my main home? Any reason I cant do this?
-
We have an existing mortgage with Rely Mortgages and wish to clarify if it would be possible to obtain consent to let out our garden flat in Sutton.
The rationale for wanting to let out the property are are due to: -
- Me and my wife will be relocating to Cape Town in January.
- By letting out the property this will facilitate savings to help the migration process.
- There is little merit from a monetary point of view to discharge the mortgage for a property which we are not residing in and by leasing out the home this would be considered as an ongoing investment.
If Rely Mortgages granted permission to us for renting we would propose some financial commitments to include: -
- Maintain paying the monthly mortgage payment by direct debit.
- Use an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our forwarding address for when we relocate.
- My property recently got consent to let on a normal loan with Rely Mortgages with aim of changing to a B2L rate when the fixed rate expires within the four months, so I'm not sure if this complications to the issue! Any guidance gratefully appreciated.
- My house had been tenanted for three years from 2010-2013 while employed overseas. I have a letter dated May 2010 from the building society granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Rely Mortgages for the property I wish to buy.Your view would be appreciated
- When it comes to consent to let from Rely Mortgages am I obliged to advise them each time we get a new tenant and forward them a duplicate of the lease document?
- We have already let but only just dawned on us that Rely Mortgages ought to have been advised and consent to let sought - can this be obtained retrospectively?
- I would like consent to let on my Bexley maisonette from Rely Mortgages. I will be going abroad for 10-12 months so wish to know if I can let my flat
- I was wondering if you could assist. I require consent to let from Rely Mortgages and was wondering if this option would be possible for me to move to as I must move back home to look after my mum
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Rely Mortgages consent to let Questions and Answers
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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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