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.
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.
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'?
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?
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.
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
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.
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.