Need Help?
Need professional advice for your consent to let with The Mortgage Works? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to The Mortgage Works consent to lease
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My wife and I have a The Mortgage Works mortgage and are never missed a loan payment, both employed etc. Do you know how much the fees are and if The Mortgage Works are likely to give us consent to let without porting the loan to a commercial rate?
- I had a chat with a IFA friend last month. He said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my lender (The Mortgage Works) until at least 2 weeks before I plan to lease out my flat. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- My twin and his partner currently lodge with me at my two bedroom maisonette. After Christmas I would like to move out of the flat and in with my GF. Is it possible to get consent to let from The Mortgage Works after only having the mortgage for less than half a year?
- My mortgage with The Mortgage Works has been in place for less than a year but I discovered this morning that I am about lose my job. I would like help seeking consent to let by The Mortgage Works
- My wife and I were curious as to whether it is possible if you own one property with consent to let from The Mortgage Works, to buy a second with a residential mortgage to live in. Then once the consent expires on the first property, to switch to buy to let or sell it?
- I would like consent to let on my Redbridge maisonette from The Mortgage Works. I will be going abroad for 10-12 months so wish to know if I can rent out my apartment
- I am relocating for work for up to a year... I was wondering if I was able to get from The Mortgage Works consent to let the property out while abroad as I do not want to leave it unoccupied for that period
- What happens if I have already rented out the property for a number of years as an HMO and now wish to legalise the situation with The Mortgage Works by obtaining consent to let ? (assume The Mortgage Works had in the past granted a standard mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above The Mortgage Works consent to let Info
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming null and void. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Works