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Need professional advice for your consent to let with Accord Mortgages Ltd? 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 Accord Mortgages consent to lease
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We just obtained consent to let from Accord Mortgages. After some effort, Accord Mortgages have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. Can you explain what this is?
- I would like to explore if I can receive consent to let on my existing property. I have a mortgage with Accord Mortgages but my circumstances have changed. I'm looking to move in with my partner and son who have a house and is larger than my studio apartment. I am unlikely to qualify for a buy to let mortgage as I don't have money for a deposit nor do I earn in excess of £25000 a year.
- I refinanced with Accord Mortgages recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a further property as my primary home and let the old property out with consent to let. Is that likely to result in me stitching myself up?
- Me and my partner hope to buy a property together. Intention is for me to get consent to let my property from Accord Mortgages. Thinking a little down the line however - when my two year fixed comes to an end - how would it work if I sought to remortgage my flat?
- My fixed rate loan with Accord Mortgages expires in April and have to relocate for work soon after. Will I be able to both remortgage and gain consent to let?
- Are you aware of any discretion in the accepted equity amount before transferring from an existing Accord Mortgages mortgage to a consent to let?
- Last month acquired a three bed flat in Bromley. I am a FTB. I am moving Ireland next month, can I get consent to let from my lender Accord Mortgages or do need to wait for at least 6 months?
- I would like to get consent to let from Accord Mortgages for a couple of years at which point I hope to transfer to a BTL. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Accord Mortgages consent to let information
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
Omitting 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 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 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 Accord Mortgages