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 activate a right to put a loading on my interest rate on a residential mortgage where the lender has granted Consent to Let at any time, onto ‘rates akin to their Buy to Let range'?
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Jennifer (my wife) and I may need to rent out our Redbridge home temporarily due to me taking a sabbatical. This will be for a limited period but perhaps for three years. Do I inform Adam & Company or do I keep schtum?
- I'm currently choosing a mortgage as first time buyer and considering Adam & Company with my broker. Suppose I choose a 3 year fixed rate I move in the property and after 2 years, I come to get an opportunity of work relocation effectively moving overseas. In the case Adam & Company grants me consent to let,would the interest rate increase?
- Twenty years ago I was granted consent by the local council and my mortgage provider Adam & Company to convert a small barn into a granny annex, conditional on it not being sold separately from the main property. My parents died some years ago and I would now like to let it out with consent to let from Adam & Company. Do you think this will be possible?
- I took a domestic mortgage with Adam & Company - about 32% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could rent out the house?
- Last month I acquired a apartment with a Adam & Company mortgage. However I am currently living with parents. I don't want to move in until next summer due to some family issues. In meantime can I lease out the property with consent to let?
- I would like to rent out my flat for three years at most. How do I go about getting consent to let from Adam & Company who I have a mortgage with?
- I was just enquiring how to obtain consent to let from Adam & Company...do I call them or apply formally in writing to them?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to 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
Omitting 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
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 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 taking legal action 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 Adam & Company