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.
Topaz Finance consent to let: Q and A’s
-
Due to problems with the area we live in (it's rough!), we now want to move. As disposing of the property will involve early repayment charges to Topaz Finance of £4000, we thought that it would be sensible to rent it out. In the circumstances we need consent to let from Topaz Finance only for less than a year. What can I do to get consent?
- I am currently looking for a mortgage as first time buyer and considering Topaz Finance with my financial adviser. Suppose I choose a three year fixed rate I move in the property and after twelve months, I come to get an opportunity of work relocation necessitating moving to a different city. If Topaz Finance gives me consent to let,does the interest rate stay as it is or would go up?
- I currently have a standard mortgage with Topaz Finance. My company has offered me a home as part of my job and wish to lease out my existing home. My financial advisor has informed me it is an easy process. Are you able to provide me with some information please?
- I found tenants for my apartment in the summer and didn't tell Topaz Finance. I have a five year domestic mortgage (large amount of equity in it, no arrears) and want to let Topaz Finance know and get consent to let for the final two years of my mortgage . I am unsure how to go about this.
- I have a mortgage with Topaz Finance and am considering letting it for three months while on holiday. Will Topaz Finance consent to this?
- We are looking to place our matrimonial home on rent due to work commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Topaz Finance until 2018 October
- My OH and I would like to obtain consent to let on a house where we have a mortgage with Topaz Finance. If issued, how long would consent be given for? In seeking consent to let from Topaz Finance are we running the risk of them forcing us to change deal to B2L
- Last month acquired a ground floor flat in Harrow. I am first time buyer. I am moving Belfast next month, can I get consent to let from my lender Topaz Finance or do I have to wait six months?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Topaz Finance 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
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 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 Topaz Finance