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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
- Next month I will be emigrating to Dubai. Rather than sell my house, I would like to let it out, just in case things don’t go as expected. My current mortgage is with Adam & Company. If I looked to refinance would a new provider view this as me trying to dodge a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and hence refuse my application for Consent to Let?
- My brother and I are joint proprietors of a small apartment in Havering with a Adam & Company mortgage. I am looking to leave and buy a new property with my fiancee. How would I deal with finding a tenant for my room? Do I need consent to let from Adam & Company. My brother will remain in the apartment
- I let my apartment last June and didn't tell Adam & Company. I have a three year homeowner mortgage (significant equity in it, never defaulted) and want to let Adam & Company know and get consent to let for the final 24 months of my mortgage . I am unsure what to do.
- I rented my house out for three years from 2009-2012 while employed overseas. I have a letter dated January 2010 from my building society granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be sufficient for the new lender Adam & Company for the house I wish to purchase.Can this be correct
- I am looking to Adam & Company to issue me with consent to let out my basement flat in Ealing. I am travelling for a year
- I are considering applying to Adam & Company to obtain consent to let our home, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- Me and my partner and I have a mortgage with Adam & Company on our garden flat in Tower Hamlets. We are planning to buy a new house and move in there. How do I move our existing mortgage on to consent to let?
- I recently acquired a ground floor flat in Newham. I am a FTB. I am moving Belfast next month, can I get consent to let from my lender Adam & Company or do I have to wait six months?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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
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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company