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.
Frequently asked questions relating to Adam & Company consent to lease
- Meeting with my financial adviser on Tuesday. I will seek Consent to Let from my current lender Adam & Company. My new property in Westminster will be 80% loan to value. I have been told by a friend that some lenders still dont accept consent to let borrowers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- Our existing house in Bexley has probably about £120K equity with a home loan with Adam & Company. It's a 3 bed house in a popular location and I think it would rent easily. We are possibly moving for my partner’s work and were considering holding onto the house on as an investment property - would we need to change the loan to a buy to let product or should we apply for consent to let by Adam & Company?
- I may have the chance to go and work abroad in a couple of years. I am therefore thinking of scaling down to a newbuild property in Hackney which I could rent out more easily when the time comes. I would aim to retain 50% equity in the new flat which would be my home for a while. My current mortgage provider will only give consent to let for a year. I expect to be renting it out longer term and not having consent could land me in a whole host of problems. B2L seems unnecessarily expensive given that I will be living there, perhaps for 2-3 years initially. What type of mortgage should I be seeking, and from which lender? Would, for example, Adam & Company issue consent to let for an open ended period?
- I have found myself in the accidental landlord scenario and didnt inform Adam & Company. I had to vacate my flat for family reasons, so now live in another part of the country. At first I attempted to sell the flat, but prices were deflated, which meant I was in negative equity. This was a couple of years ago in 2011, which has since seen the property price increase and has given me time to accumulate savings. I am in now in a position where I can now transfer to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Adam & Company that I have been letting without consent to let? I appreciate that I shouldn’t have done what I did, but circumstances backed me into a corner. Any help will be greatly appreciated?
- Would I be able to remortgage to Adam & Company from my current provider, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- I am looking to get consent to let with my Adam & Company residential mortgage. It is a mid terraced house. Will Adam & Company grant consent on this basis? Or would it be regarded as an HMO?
- I have a mortgage with Adam & Company but would like to lease my house out and move in with my fiance and baby what is required to get consent to let?
- What, if any, income criteria do Adam & Company set for consent to let on an existing homeowner mortgage?
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 Questions and Answers
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
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
If your property is 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 the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Adam & Company your property may be repossessed