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.
Common questions relating to Topaz Finance consent to lease
- I am currently choosing a mortgage as first time buyer and considering Topaz Finance with my broker. Let's say I choose a 5 year fixed rate I move in the property and after one year, an opportunity arises which involves a relocation requiring moving out the area. If Topaz Finance gives me consent to let,does the rate load the interest rate?
- My flat has a mortgage against it with Topaz Finance and I have been letting out the property without consent to let, making me in contravention of my mortgage contract. I think I have come onto their radar that I am not residing there. What negotiating options are available if I don't sell it in time before they are on notice that I have breached my terms and condition?
- My partner and I currently live in Melbourne and renting out our flat in Bexley. This was unplanned but an opportunity presented itself and we took it. The rental income is insufficient to cover the mortgage so we send back funds each month to cover the shortfall. Yesterday I got a letter in the post from our lender informing me that because the property is being let out and has been for nearly three years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell the flat but this will not be easy as I am on the other side of the world. Could we remortgage with Topaz Finance and get consent to let?
- My wife and I have a flat in Hillingdon which we acquired as a new-build approximately eight years ago. As the family is growing we are looking for a larger home. We've identified a property in Hillingdon that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Topaz Finance and we've found a tenant who will pay rent in excess of the monthly mortgage amount. My question is, can we hold onto the repayment mortgage with Topaz Finance so we effectively paying off our loan on the property or do we have to swap to a buy-to-let mortgage?
- Can I refinance with Topaz Finance with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- We have a mortgage with Topaz Finance at the moment and just enquiring where I can I get a consent to application form from
- I have a residential mortgage with Topaz Finance, and I would like to lease the house out, until I decide whether to sell or retain it as an investment. At the moment I am on the standard variable rate. Will I need to move onto a new mortgage? I.E. buy to let?
- Just looking for some help. I currently have a mortgage in place with Topaz Finance. I have been given licence to temporarily rent out my GFF from the managing agents and they asked for a copy of the consent to from Topaz Finance.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Topaz Finance consent to let Advice
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
Should the tenure of your property be 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Topaz Finance