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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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In a worst case scenario what action Accord Mortgages can take if I have rented my property in the absence of consent to let?
- I have a Accord Mortgages mortgage on a flat I own, in Haringey. This year, resulting from a change in personal circumstances I decided to rent out the apartment, and rent another property in a different area within same loc. The personal circumstances that changed is that my partner moved in, and the flat is not big enough for our needs. I would rather not dispose of the flat because the current market value is significantly lower than the market value when I bought the flat ten years ago. I applied to Accord Mortgages for a consent to let which was refused as they determined that I wanted to invest in the flat. The whole process was very confusing. There is a sense of urgencyas there is a prospective tenant waiting for this consent to let and may pull out.I look forward to hearing from you
- I would like to acquire a second property having recently purchased a studio flat on domestic mortgage. Looking to purchase in a few months time. I have been advised that I may require consent to let from Accord Mortgages, my current mortgage provider? What is the best way to go about this and procure the permission needed.
- I have been stupid in not informing Accord Mortgages that I’m letting my house out. In an ideal world I would like to do the right thing with as little adverse implication as possible. If Accord Mortgages says yes, how would you rate the chances of them figuring out historically that the property was let without consent?
- My wife and I are interested in finding out more about the Accord Mortgages consent to let procedure and prerequisites for granting.
- I want to let out the attic in my apartment in Haringey. Do I require consent to let from my mortgage provider Accord Mortgages?
- I could potentially need consent to let from Accord Mortgages in the future with work. I am just seeing what the options would be if this was the case. Are there any time restrictions on the length one can let out your property with consent?
- I took a domestic mortgage with Accord Mortgages. I acquired the property in July last year. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Accord Mortgages consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Accord Mortgages