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.
Top Five Questions relating to Adam & Company consent to lease
- Under what scenarios will consent to let for a property be issued by Adam & Company? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Adam & Company? In order to give you some history I am a newly qualified doctor in a house purchased five months ago. My dream job offer requiring relocation to a different city permanently has presented itself. I would be looking at being given consent to let in the first instance with a view to renting the property out to cover the costs of the Adam & Company mortgage.
- As a result of changes in my personal circumstances I intend moving in with my girlfriend this summer and I have let my property out to 2 tenants on a one year tenancy. The application for consent to let from Adam & Company is in hand but what if they refuse. I can’t rescind on my contract in terms of backing out of renting the students as they have all signed up. On the other hand Adam & Company could take action for breach of contract i.e. renting it out in the absence of consent to let.
- My house had been let to students for three years between 2009-2012 while working in New York. I have a letter dated May 2010 from my mortgage company granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. 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 buy.Your view would be appreciated
- My mortgage with Adam & Company has been in place for just under nine months but I recently found out I will soon lose my job. I would appreciate some tips on being given consent to let by Adam & Company
- This is not a question specific to Adam & Company but do lenders usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- I want to let out a room in my apartment in Haringey. Do I need consent to let from my mortgage provider Adam & Company?
- Assuming that I was successful in obtaining consent to let from Adam & Company, can I sell during the consent period? Is it possible that I would incur any charges?
- I want to get consent to let from Adam & Company for two years until I hope to switch to a B2L. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 commencing legal proceedings 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