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Need professional advice for your consent to let with Ahli United Bank (UK) plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Ahli United Bank consent to lease
- I have a shared ownership property in Hillingdon and will be looking to buy out the rest of the property. However, in the future I may be working overseas for a short period of time so would like to know what approach Ahli United Bank take to consent to let as I am considering a remortgage with them. I am not sure if they will lend on my property but as an aside can you provide further detail on their consent to let policy?
- In what situations will consent to let for a property be given from Ahli United Bank? How long do you have to have had ownership of the property before consent to let can be granted by Ahli United Bank? In order to give you some history I am a newly qualified doctor in an apartment purchased a few months ago. My dream job opportunity requiring moving to a different city on a permanent basis has come up. I am looking at obtaining consent to let initially in order to renting the property out to cover the expense of the Ahli United Bank mortgage.
- I have a fixed mortgage with Ahli United Bank (with just over one year remaining) but due to redundancy want to move away from London (actually to a new job in Belgium) and so want to rent the property out. We are keen to avoid the expense of the penalty cancellation of existing mortgage and understand that some lenders are willing to provide this 'consent'...what is the policy adopted by Ahli United Bank?
- We are planning to make use of equity in my existing house to acquire another property which I propose to live in whilst I refurbish. My preference is to let out my current property with the Ahli United Bank homeloan. I was just seeking a general view on whether Ahli United Bank currently allows consent to let? House is valued at £450 k with a £125k home loan in place.
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with Ahli United Bank and are thinking of renting the property out for two years, but cannot really afford to switch to a buy to let mortgage. The estate agent mentioned something about a content to let
- Were I to let my house out with consent to let from Ahli United Bank will will theyload the interest rate? I am currently on a fixed rate for three years.
- Is it possible that Ahli United Bank would have an internal record as to whether consent to let was granted for a specific property?
- I was just wondering how to obtain consent to let from Ahli United Bank...do I call them or write a letter to them?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Ahli United Bank consent to let information
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 Ahli United Bank 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 regular 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Ahli United Bank