Need Help?
Need professional advice for your consent to let with Virgin Money plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Virgin consent to lease
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A friend of mine suggested that this Christmas I rent out my cottage and generate some income whilst on holiday. It’s only for ten days. Do I need consent to let from Virgin?
- My query does not relate to consent to let, I was wondering if you have an address or telephone number for a dedicated Virgin help desk who handle consent to let applications. Virgin has a mortgage over my flat.
- I am planning to apply for consent to let from my current mortgage provider Virgin. A colleague of mine said that she was given ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- I have a owner-occupier mortgage coming up for renewal with Virgin. I have had the house let out for two years and I now realise I should have disclosed this to Virgin. I am led to believe that it is possible to request consent to lease, but bearing in mind that the property has already been let out could they refuse - force me to swap to a BTL rate and even fine me? I have over 50% equity in the house - and the rental income far exceeds the mortgage.
- I am considering letting out my house with consent to let from Virgin, what fees should I expect to pay?
- I would like to rent out my flat for two years max. How do I go about getting consent to let from Virgin who I have a mortgage with?
- Are you able to advise me how much the fees are and if Virgin typically give consent to let without changing to a commercial rate?
- I am looking at taking a job overseas and have been advised that I need to let Virgin know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Virgin 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 Virgin 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
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 terms are not adhered to you may be in violation of the lease. This could potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Virgin