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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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Topaz Finance have just granted me consent to let. After some effort, Topaz Finance have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- Me and my partner were looking to buy a maisonette with ten per cent down payment with the intention of living there. Somewhat fortuitously the in-laws plan to move to New York for a while so we plan to move into theirLewisham property to "housesit". If we were to proceed with a residential mortgage with Topaz Finance would we likely encounter any difficulties with switching to consent to let ?
- Me and my wife reside in a property where there exists a number of spare bedrooms. We are exploring the opportunity of running an B&B style operation to let half the home out on a short term arrangement. Do you know this kind of thing allowed in accordance with Topaz Finance’s consent to let protocol?
- Me and my husband are in a complex mortgage situation currently. We have to lease our flat with consent to let and move to a new to be nearer to my parents. We now rent a home. We are finding it really difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- Evening? I am just enquiring if Topaz Finance offer consent to let as an option if I decided to let out my property under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- Do I need to wait for consent to let to be granted on my prevailing domestic mortgage with Topaz Finance before applying for a resi mortgage on a second property?
- What, if any, income criteria do Topaz Finance set for consent to let on an existing homeowner mortgage?
- I'm mulling over a remortgage offer with Topaz Finance and it's a strong possibility that I will end up asking for consent to let at some point in the fixed period. Are there any charges I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Information 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
If 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 notify 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Topaz Finance