Need Help?
Need professional advice for your consent to let with The Mortgage Business? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to The Mortgage Business consent to lease
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I am a first time buyer looking to purchase a detached house in The Mortgage Business. I have a 50% deposit and expect a mortgage from The Mortgage Business. My dilemma is that my partner has a flat in Dover and I hope to be moving in next month, when I would want to let out my property. I have heard of consent to let but it does not sound like there is any certainty. Is there any advice you can impart?
- Contracts were exchanged last month with a developer for a property in which I was going to move into, but my boss has presented me with the opportunity to work abroad for 2 years, can I let the new property with consent to let from The Mortgage Business.
- My husband and I might have to rent his apartment out. I realise that I require consent to let from The Mortgage Business. We plan on joining a landlord association should we decide to let the property, but are there any thoughts on which are the best? We've seen the RLA and National Landlords Association.
- Fifteen years ago I was issued with consent by the local council and my lender The Mortgage Business to convert a small barn into a granny annex, conditional on it not being disposed of separately from my house. My parents passed away some years ago and I would now like to lease it out with consent to let from The Mortgage Business. Do you think this can be negotiated?
- We have already been told to write a letter to The Mortgage Business to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I was just enquiring if The Mortgage Business were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- The Mortgage Business - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I might be looking to rent out my property and wondered what I would need to do to get consent to let from The Mortgage Business. I may be moving abroad for a year.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above The Mortgage Business consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with The Mortgage Business is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with The Mortgage Business your property may be repossessed