Need Help?
Need professional advice for your consent to let with The Mortgage Lender Limited? 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 Lender consent to lease
- Under what situations will consent to let for a property be given via The Mortgage Lender? For what period of time do you have to have had owned the property before consent to let can be negotiated with The Mortgage Lender? By way of background we are moving abroad for 20 months with my wife’s business and will need to rent our property. I am interested in gaining consent to let in the first instance with a view to put a tenant in it to offset the costs of the The Mortgage Lender mortgage.
- I have just come off a call with The Mortgage Lender and they tell me that it has been brought to their attention that I have been renting the one bedroom apartment despite having a normal mortgage. I needed to move two years ago for childcare reasons, was unable to sell and so had little choice to rent out my property. Do you know what the consequences will be for me not obtaining consent to let?
- Last month I was provided with a career opportunity 250 miles from home and considering whether it's a good idea letting my property out. Will The Mortgage Lender permit me to switch mortgage or issue me with consent to let? If not I will have to consider if I should accept the job. I wouldn't mind paying an increased amount as it is likely that I will return and move into my home after twenty four months. My agenda here is not to profit. Just love my house and want to return to it one day.
- I have let out my garden flat in Croydon for the past 20 months, and I didn't realise that I had to have consent to let. I now want to rectify this. What are the legal ramifications of my actions?
- I’m about to finish the fixed rate period of my three year fix with The Mortgage Lender and move on to the current variable rate. Can you tell me whether consent to let by The Mortgage Lender is possible, if there are fees, and if there conditions?
- I am looking at new mortgages and also thinking of renting the property in the future - Is there a cost with The Mortgage Lender to receive consent to let and what are the requirements?
- I currently have a mortgage with The Mortgage Lender that I would like to transfer to a consent to let as we have found another property we are looking to purchase. How do I apply for consent to let from The Mortgage Lender and what happens within the process?
- I have only recently completed my mortgage with The Mortgage Lender since when my boyfriend has proposed and we are deliberating whether to reside in his house or mine. Would I be issued consent to let if I were to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above The Mortgage Lender consent to let information
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 Lender 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 regular 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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 The Mortgage Lender