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
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Finding myself in an impossible situation with a Consent to Let mortgage. Having sought consent to let the lender has requested that I produce an executed Assured Shorthold Tenancy as a prerequisite to granting permission. Is is not the case that if I adhered to their request that I would be breaching the terms of my existing mortgage?
- We are applying for a mortgage with The Mortgage Lender, but we have hit a snag. My husband is a teacher in a boarding school, and as such we are provided with accommodation as part of his employment. We wanted to buy a one bedroom apartment to get on the ladder, and let it out while we're living at the school accommodation. I had thought The Mortgage Lender would grant consent to let from the outset of the loan. It transpires that we may not be granted consent to let. Do you have any suggestions?
- We have just sorted our rates for another fixed five years with The Mortgage Lender. Subsequently, I went to an interview and basically I accepted the job offer in Camden. I'm going to rent a two bedroom flat for me and my family in Barnet as we don't wish to sell the house and moreover we might come back before two years.... We really don't know whether it will work out. We have contacted The Mortgage Lender but we would like also your point of view please. How is it to get consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- I am in the armed forces and intending to purchase a house with a The Mortgage Lender mortgage. I would like to get consent to let this house to my sister. In years to come I would live in the property with my family when my military career finishes. Is this feasible?
- It would be helpful to know if on the balance of probabilities The Mortgage Lender will give consent to us letting out our house in Islington
- This is not a question specific to The Mortgage Lender but do mortgage companies generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- I have a standard mortgage with The Mortgage Lender which is only 6 weeks long but I have been moved abroad with work. Is it possible to obtain consent to let from The Mortgage Lender for a mortgage that has only just commenced and I have just purchased the property?
- I have three months to left on a two year residential mortgage with The Mortgage Lender but now rent the house out. Can I assume they will just charge a set fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above The Mortgage Lender 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 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Lender