Need Help?
Need professional advice for your consent to let with Adam & Company? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Adam & Company consent to let
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Just wondered if Adam & Company choose to operate a right to increase interest rates on a residential mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their Buy to Let range'?
- We may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We already have a Adam & Company mortgage. What are the fees involved and time limits on consent to let agreements?
- We intend to rent our existing apartment out shortly after we find a new house. I will apply for consent to let from Adam & Company. At the present time the property is in my name but I am a higher rate tax payer. Is it best to do a equity transfer to her or should we do a Declaration of Trust?
- I have a self contained flat attached to my house that my father is planning to move out from. As my property is large I was considering moving into the annex and rent the remainder out. This is also due to change of circumstances. Would I need a consent to let from Adam & Company?
- We have already been told to write a letter to Adam & Company to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Just wanted to know what needs to be provided to Adam & Company in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another apartment with my wife.
- Is consent to let required from Adam & Company if I am intending to live in the flat myself for part of the year? Also if I obtain consent to let for a period of time, say up to twelve months, what happens thereafter.
- We are interested to find out more about consent to let from Adam & Company. Would an acceptable reason be issues with neighbours and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Adam & Company 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 to have a license to do so from 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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Adam & Company your property may be repossessed