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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.
Common questions relating to Adam & Company consent to lease
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Just wondered if Adam & Company exercise a right to increase interest rates on a standard mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their BTL loans'?
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My fixed rate mortgage is coming up for renewal with Adam & Company. The house has been tenanted for a few years and I think I need to notifyAdam & Company. My understanding is that I can ask for a consent to let, but since the property has already been let out for a considerable time could they refuse - determine that I go onto a BTL product or even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
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I bought a garden apartment in 2012 for 185,000 with Adam & Company. My husband’s job requires him to relocate to Gibraltar and realise that I need to obtain consent to let from Adam & Company. Do you have any experience of consent to let from Adam & Company?
- Me and my fiance hope to purchase a property together. Intention is for me to get consent to let my flat from Adam & Company. Thinking a little down the line however - when my two year fixed period expires - how would it work if I sought to remortgage my flat?
- I am looking to Adam & Company to issue me with consent to let out my flat in Redbridge. I am moving to care for my step-mum who has liver failure
- I am considering renting my property will Adam & Company bill me for a consent to let letter?
- I would like to find out what information I should include in a letter applying for consent to let my property in Wandsworth? I would like to send a request to my mortgage provider Adam & Company.
- I have a granny flat attached to our home. Do we need consent to let this from Adam & Company? If so, what is the process if I wish to change the mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Adam & Company consent to let Questions and Answers
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Adam & Company your property may be repossessed