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.
Frequently asked questions relating to Topaz Finance consent to lease
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Within the next few days I intend to contact Topaz Finance to obtain consent to let out my house in Topaz Finance. However I have put the house on the market but there without a sniff of interest and paying a full mortgage, council tax and insurance on vacant house is a financial drain. What approach would Topaz Financetake if I market the property?
- I have a mortgage with Topaz Finance however my husband and I will be emigrating to New Zealand in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- Due to meet with my financial adviser on Thursday. I am going to seek Consent to Let from my current lender Topaz Finance. My new property in Redbridge will be 80% LTV. Heard whispers that some lenders dont want consent to let customers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- My fiance and I might have to let out her apartment, and I have a question regarding getting consent to do so. I know I need to inform Topaz Finance and get a consent to let or move to a BTL product. Given that the property is leasehold do we need consent to let from the residents association?
- Is it possible that Topaz Finance would have archive records as to whether consent to let was granted for a specific property?
- My husband 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
- I currently have a residential mortgage with Topaz Finance and plan on letting due to work being based in Bristol. In seeking consent to let from Topaz Finance do I run the risk of them forcing me to change deal to B2L
- Please could you shed light what the procedure would be if we move to a new home and need to apply for consent to let for our existing mortgage with Topaz Finance
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Topaz Finance consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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