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.
Questions and Answers: Virgin consent to let
- I have rented out my studio flat in Greenwich for the past two years, and I didn't realise that I required consent to let. I would like rectify the situation. What are the legal repercussions of my actions?
- My lawyers have served eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been issued. The tenant's defense for non payment is based on the claim that I lack consent to let my maisonette from my provider Virgin
- I vacated my flat about six months ago but didn't get around to get a consent to let letter, primarily because the mortgage fix rate period is ending in six weeks and I am considering a remortgage in any event. I want to ask for consent now, is that going to open up a Pandora’s box?
- I have a property that's currently under shared ownership (My share is 50%) purchased in Aug 2014. I am currently going through the full purchase of the house. Me and my wife have also got a second house that we are looking to purchase. Mortgage in principle has been issued by Virgin. I want to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- Virgin residential mortgage. Will they issue consent to let a property for 2 years? I will move back in again as an occupier.
- My mortgage has been with Virgin for seven years. I would like to apply for consent to let my house. I have been waiting for Virgin to get back to me. Are you able to please check and help?
- I am trying to find out if Virgin will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- Last month acquired a maisonette in Hackney. I am a FTB. I am moving Glasgow next month, can I get consent to let from my lender Virgin or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Virgin 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
If you do not keep up the payments on your mortgage with Virgin your property may be repossessed