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.
Sample questions relating to Virgin consent to let
- I currently have a mortgage offer with Virgin. I am hoping to get keys in the coming weeks, however it looks as though I may be posted abroad for work. Would it be possible for me to obtain consent to let from Virgin shortly after completing. Do I have any other options?
- I got a standard mortgage with Virgin last September and then had to relocate due to my job, I am now considering letting my apartment out for a year whilst I am abroad. What are my chances of obtaining consent to let from Virgin, and what effect would this have?
- We are intent on acquiring a house, renting a couple of the bedrooms out to help cover the mortgage with Virgin, and then moving on in two or three years - when the property would be fully rented. How likely is it that Virgin would frown upon this as I will have been given a owner-occupier homeloan rather than a B2L or consent to let? I've heard that in extreme situations they can sue for mortgage fraud, is this true?
- I am planning to lease out my house for a year from 5th October 2016. Is there a template letter I can use to write to Virgin to apply for consent to let.
- My husband and I have already been told to write a letter to Virgin to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I'm wanting to know how to go about getting consent to let from Virgin and what fees are to be incurred. Recently I have moved in with my husband and have a family member wanting to let out the property.
- Will Virgin choose to exercise a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to remortgage on a consent to let with Virgin?
- I have a mortgage with Virgin taken 3 months ago where I moved from another lender. Am I now able to rent my property with consent to let from Virgin as I am planning to buy a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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
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 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 advise your co-owner of your intention to let could result in them taking legal action 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 Virgin