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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.
Accord Mortgages consent to let: Q and A’s
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What do I do if my request to obtain consent to lease is turned down by Accord Mortgages?
- We currently have a 5 year fixed rate mortgage with Accord Mortgages that we're about a year into. Our circumstances have now changed and we would like to let out our property for a while and move to another town. What can we do to minimise the possibility of Accord Mortgages rejecting consent to let.
- I am seeking some feedback as to whether consent to let from Accord Mortgages is the best approach. I acquired my property seven months ago by porting an existing Accord Mortgages mortgage product. My fixed term finished five months ago I'm currently considering moving in with a new partner. I would prefer not to sell my house yet because I have no idea as to whether the new move will work out. I just wanted an idea of whether a consent to let from Accord Mortgages would be possible?
- We have a flat in Croydon which we purchased off-plan just over seven years ago. As we've now got a young son we require more space. We've found a property in Havering that we're going to buy and want to keep the flat as an investment to rent out. The mortgage is with Accord Mortgages and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. Our query is, can we retain the repayment mortgage with Accord Mortgages so we effectively paying off our mortgage on the flat or must we to swap to a buy-to-let mortgage?
- My wife and I have a Accord Mortgages mortgage currently and potentially want to let it out temporarily with consent from Accord Mortgages for (eighteen months). How long do you have to wait until you apply for consent to let??
- Should I decide to apply for consent to let from Accord Mortgages please can I know the time scale Accord Mortgages would take to make a decision?
- I am currently in the process of applying for a mortgage through Accord Mortgages - There is a chance that in the within months I may decide to let out the property - how would I switch the normal mortgage to a buy to let mortgage?
- Do you know whether there a time limit on a consent to let from Accord Mortgages? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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
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
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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Accord Mortgages