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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.
Adam & Company consent to let: Q and A’s
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Can you clarify if consent to let obligatory from Adam & Company or can I let my property without telling Adam & Company and having to switch to a B2L mortgage?
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Bottom line - if worst comes to the worst what action Adam & Company can take if I have let out my house if consent to let is not first obtained?
- Are you able to advise me what fees Adam & Company levy for consent to let out part of my two bedroom second floor purpose built maisonette? Any advice would be gratefully received.
- I have a Adam & Company mortgage and have been renting my flat omitting to get consent to let, which I am now led to believe means I am in breach of my mortgage conditions. They may have suspicions that I am not residing there. Is my best option is to dispose of the apartment prior to being repossessed?
- My husband and I are looking to ask Adam & Company for consent to let out our home in Newham. We are relocating overseas for 3 years and need to rent out the property. I omitted to check this out when we got the Adam & Company mortgage, and that was purely because we never thought an opportunity like this would come up so was planning on living in the property.
- I took a homeowner mortgage with Adam & Company and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- I am interested in consent to let for my house mortgaged with Adam & Company. How do I proceed? Do I have to write to Adam & Company and get them to agree?
- I have a mortgage with Adam & Company. I am considering moving out and letting out my property. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Adam & Company 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
One thing to remember when arranging a consent to let mortgage with Adam & Company 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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.
If you do not keep up the payments on your mortgage with Adam & Company your property may be repossessed