Need Help?
Need professional advice for your consent to let with Topaz Finance plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Topaz Finance consent to let
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Is consent to lease required from Topaz Finance or can I lease out my garden flat without telling Topaz Finance and being forced to convert to a B2L mortgage?
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What options are open to me if my request to obtain consent to let is subsequently refused by Topaz Finance?
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Finding myself in a pickle with a Consent to Let home loan. In response to requesting consent to let my bank has requested that I produce a signed tenancy agreement prior to issuing permission. Is is not the case that if I adhered to their request that I would be violating the terms of my existing mortgage?
- I would appreciate some feedback as to whether consent to let from Topaz Finance is the correct approach. I purchased my house last March by porting an existing Topaz Finance mortgage product. My fixed term ran out two months ago I'm probably going to be moving in with a new partner. I would prefer not to sell my house yet because I have no idea as to whether the new move will work out. Would it be likely that Topaz Finance would grant a consent to let based on me letting out my property on a short hold tenancy for 1-2 years and then I either commit to a B2L product or sell it?
- My partner and I would like to let out my house. Do I simply send a letter to Topaz Finance asking for consent to let out the house?
- Can I remortgage with Topaz Finance with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- My husband and I have a mortgage with Topaz Finance on our one bedroom apartment in Harrow. We are hoping to buy a new house to move into. How do I switch our current mortgage on to consent to let?
- I am a Topaz Finance borrower. I would like to apply for consent to let my home. I have been waiting for Topaz Finance to get back to me. Are you able to please check and help?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Topaz Finance 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 Topaz Finance 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with Topaz Finance your property may be repossessed