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.
Adam & Company Consent to Lease Example Support Desk Enquires
- Are you able to give me some more detail on the consent to let process. I am considering a Adam & Company mortgage on a £200,000 property in six months time. The intention is to hold the house as a second home but I need to consider what options are available to me to let the property in the future. If our circumstances were to change the house would either be sold or rented.
- In a situation where a landlord opts to let out their property without consent to let via Adam & Company - what, if any implication could there be for an agent acting for the landlord?
- I have found myself in the accidental landlord category and without consent to let from Adam & Company. I had to vacate my flat for family reasons, so am now based in another part of the country. I originally attempted to sell the flat, but prices were low, which meant I was in negative equity. This was four years ago in 2012, which has since seen the property price increase and has allowed 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 am aware that I shouldn’t have done what I did, but circumstances meant it was the only thing I could do to keep my head above water. Any help will be greatly appreciated?
- Require some information regarding renting a property and consent to let. Later this year I plan to move in with my fiance. The council would like to rent my flat for three year commitment with rent being paid and maintenance. Our mortgage was changed to Adam & Company two years ago. Please advice
- I was just wondering if Adam & Company were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I would like to find out what information I should include in a letter requesting consent to let my house in Merton? I would like to send a request to my mortgage provider Adam & Company.
- I am going away for work for up to twelve months... I was wondering if I was able to obtain from Adam & Company consent to let the property out while I was away as I do not want to leave it empty for that period
- I am intending on moving inside the next 6 months and want to rent my flat out. My mortgage rate is fixed with Adam & Company. I am worried a 1% increase would be too much if that was a condition of receiving consent to let
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 Info
Tax and Legal
There may be various 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 potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company