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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.
Top Five Questions relating to Adam & Company consent to lease
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In a worst case scenario what action Adam & Company can take if I have Sublet my flat in the event that consent to let is not forthcoming?
- I have had a mortgage for six years with Adam & Company. My other half has recently acquired a house in Bromley and he has asked me to move in with him. Is it possible for me to lease out my apartment with consent to let in case I need to move back? Also what legal paperwork must I provide Adam & Company with when completing the consent to let application?
- I have been reckless in failing to notify Adam & Company that I’m renting my maisonette out. The latest tenants have left the place in a mess and I need to claim on malicious damage. I’m worried that my insurer will contact Adam & Company, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- I sought consent but I did not get it as I did a remortgage in May but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Adam & Company but will they give me consent straight away?
- I am going away for work for as long as 12 months... I was wondering if I was able to gain from Adam & Company consent to let the property out while overseas as I am reluctant to leave it unattended for that period
- Me and my OH and I have a mortgage with Adam & Company on our studio flat in Enfield. We are hoping to buy a new house and move in there. How do I move our current mortgage on to consent to let?
- I have a mortgage with Adam & Company taken four months ago where I moved from another mortgage provider. Can I now rent my property with consent to let from Adam & Company as I am looking to purchase another property.
- I have an annexe in our garden. Do we need consent to let this from Adam & Company? If so, what is the process if I would like to change the mortgage to consent to let?
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
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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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