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Need professional advice for your consent to let with Zephyr Mortgages? 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 Zephyr Mortgages consent to lease
- I currently have a mortgage with Zephyr Mortgages and the loan to value is currently 60% with the Zephyr Mortgages current book value and would like to buy a further property but would like to keep my current property at the current market value. I have consent to let from another lender on a previous property so know a bit about them and I also have buy to let with Mortgage Express on another property. Does the expected rental income on a consent to let with Zephyr Mortgages need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- We are looking to let out our 2 bed flat in Bromley in June. I would like some guidance on what I need to do. I've just moved our Zephyr Mortgages mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- Need some advice concerning renting a property and consent to let. In the coming months I plan to move in with my fiance. The local authority would like to rent my flat for five year commitment with rent being paid and maintenance. Our mortgage was changed to Zephyr Mortgages in 2013. Please help
- I recently got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our garden flat in Waltham Forest we currently live in to rent out. Mortgage on the flat is with Zephyr Mortgages. I wish to avoid putting myself in a situation with two residential properties only to be refused consent to let.
- Last month I acquired a apartment with a Zephyr Mortgages home loan. However I am presently living with mother and father. I don't want to move in until for nine months due to some family reasons. In meantime can I let out the property with consent to let?
- My husband and I took out a mortgage with Zephyr Mortgages a few months ago and although it's a long way off we may have to relocate around next Summer and would like to be able to lease our flat out. Is this possible with a residential mortgage?
- I am currently remortgaging and exploring the flexibility of certain mortgage providers when it comes to consent to let. Zephyr Mortgages is one of the lenders I am considering. How accommodating are they when it comes to consent to let?
- I wish to get consent to let from Zephyr Mortgages for a few years until I can switch to a BTL. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Zephyr Mortgages 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
Where 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 result in your insurance becoming invalid. 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 lease may prohibit you from letting or require that you obtain the consent of 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
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Zephyr Mortgages