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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.
Top Five Questions relating to Zephyr Mortgages consent to lease
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I plan to contact Zephyr Mortgages to obtain consent to let out my house in Zephyr Mortgages. However I currently have the property for sale but there without a sniff of interest and paying a full mortgage, council tax and insurance on vacant house is hurting financially. What position would Zephyr Mortgages take if I have the house on the market?
- I have had consent to let via Zephyr Mortgages for some time now and they now want to speak to me and I suspect their plan may be to rid themselves of me. Do you have any suggestions as what I can do next?
- I want to rent out my current property and want to purchase a bigger house for the family. I have a mortgage with Zephyr Mortgages. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after two years with another lender? What connotations does that have aside from the higher rates - do I need a greater equity portion in the property too ie lower loan to value?
- I have a mortgage with Zephyr Mortgages however my husband and I will be relocating to the US in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I am considering renting my apartment will Zephyr Mortgages bill me for a consent to let letter?
- What is the process for obtaining consent to let from Zephyr Mortgages? Are there certain policies for example you must reside in the property for over 6 or 12 months before its granted?
- I am trying to find out if Zephyr Mortgages 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.
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a domestic mortgage with Zephyr Mortgages
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Zephyr Mortgages consent to let Questions and Answers
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
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 inform them may 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 conditions are not complied with you may be in violation of your covenants under 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 Zephyr Mortgages