Need Help?
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
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Can a new mortgage be taken on a consent to lease with Accord Mortgages?
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I work for a letting agency in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender Accord Mortgages. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I have had a home loan with Accord Mortgages for sixteen years. My divorce was finalised months ago put the property in my name by transfer of equity. My circumstances have changed, I would like to keep my house but move in with my new partner, letting my house out. I have been informed by my broker that I can seek consent to let from Accord Mortgages instead of a BTL mortgage as I haven't purchased the house with the intention of letting it out, your advice would be appreciated?
- I am looking for our family to move to give us all more space. We are thinking about buying another house in a few years time. The house is worth £155,00 and we have about £55k left to pay on the Accord Mortgages mortgage. We would prefer to keep this house if possible and lease it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- My husband and I would like to rent out my home. Do I just need to send a letter to Accord Mortgages asking for consent to let out the home?
- I am looking to Accord Mortgages to issue me with consent to let out my studio flat in Wandsworth. I am moving to Holland for 8 months for work.
- Should I decide to apply for consent to let from Accord Mortgages how long will it take to hear back?
- Will I need consent to let from Accord Mortgages if I am intending to reside in the property myself for three months of the year? Also if I obtain consent to let for a period of time, say up to twelve months, what happens thereafter.
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Information to consider in supplemental 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 standard 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 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 conditions are not complied with you may be in breach 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