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Need professional advice for your consent to let with Aldermore Bank PLC? 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 Aldermore Bank consent to lease
- I have a mortgage with Aldermore Bank on a property and I would like to find a tenant for it out and rent another property as a result of changes in personal circumstances - I want to move to a different location, and to live in a larger property with my partner. I applied for consent to let and just got reply with a refusal because they considered that I want to invest. I dont know what to do now. I find myself at risk since I already have rented a new property and am faced with paying both Aldermore Bank and rent, which could put me in financial risk. The matter is urgent because a potential tenant at the ready
- I have been offered a once in a lifetime career opportunity for eight months abroad. I do have sufficient savings to cover the monthly Aldermore Bank mortgage however the block insurance requires continuous residency in order not to be invalidated. Last December the roof suffered storm damage but was repaired. Should there be any problems through the winter months I would struggle to afford repair costs. How likely is it that I will get consent to let by Aldermore Bank for the time I am abroad?
- My partner and I currently live in Dubai and renting out our flat in Newham. This is not something we planned but an opportunity presented itself and we took it. The rental income is not enough to cover the mortgage so we transfer funds each month to cover the difference. Earlier today our lender got in touch informing me that because the property is being let out and has been for nearly four years we will have to pay 1.5% interest on top of our current mortgage rate. One option is to sell the flat but this will not be easy as I am on the other side of the world. Would it be possible to remortgage with Aldermore Bank and get consent to let?
- I am planning to release equity in my existing house to acquire another property which I propose to live in whilst I refurbish. My preference is to rent my first property with the Aldermore Bank homeloan. I was just seeking a general view on whether Aldermore Bank currently allows consent to let? House is worth £450 k with a £150k mortgage in place.
- Can you help me understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Aldermore Bank? Are you able to assist?
- Just curious as to whether it is possible if you own one property with consent to let from Aldermore Bank, to buy a second with a domestic mortgage to live in. Then once the consent runs out on the first property, to switch to buy to let or sell it?
- When it comes to consent to let from Aldermore Bank am I supposed to advise them every time we get a new tenant and send them a copy of the AST?
- Seven weeks ago I completed my homeloan with Aldermore Bank since when my boyfriend has proposed and we are deliberating whether to reside in his house or mine. Would I be allowed consent to let if I were to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Aldermore 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming null and void. 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Aldermore Bank your property may be repossessed