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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.
Recently asked questions relating to Accord Mortgages consent to lease
- Are you able to providing me some more detail on what the procedure is for applying for content to let, what do I need to do. I am thinking about taking a Accord Mortgages mortgage on a £140,000 property in twelve months time. The aim would be to hold the house as a second home but I need to consider what options are available to me to let the property in the future. If our circumstances were to change the house would either be sold or rented.
- I spoke to a mortgage broker friend last month. He said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Accord Mortgages) until at least 2 weeks before I plan to lease out the flat. Does that mean I have to find a tenant first and then obtain a consent to let?
- I vacated my apartment 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 next month and I am considering refinancing anyway. I want to ask for consent now, is that going to open up a hornet’s nest?
- Good morning, I have consent to let my property with Accord Mortgages and am about to give my tenant 2 months notice as I intend to sell the property. I am concerned about the property being empty once the tenant leaves and finding a buyer. Not once have I defaulted on the account, is it likely that I would be able to take payment breaks pending the sale of the property?
- Is it possible to remortgage with Accord Mortgages with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- I am currently in the process of applying for a mortgage through Accord Mortgages - I foresee that in the within months I may decide to rent the property out - how would I change the homeowner mortgage to a buy to let mortgage?
- I have a mortgage with Accord Mortgages but would like to lease my house out and move in with my GF and baby what is required to obtain consent to let?
- I need to contact Accord Mortgages to enquire about leasing out our apartment. Do they send a form to me. Can I not get this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Accord 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
One thing to remember when arranging a consent to let mortgage with Accord Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Omitting 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