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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.
Common questions relating to Aldermore Bank consent to lease
- Is it the case that the letting agents we rented through owe us a a legal obligation to have ensured that the landlord had consent to let from Aldermore Bank?
- Since we are relocating and failing to find a buyer for our house, we are mulling over letting it out. Is it necessary to inform Aldermore Bank? I have a hunch that Aldermore Bank might change our terms. I was hoping that if I continued paying on time it shouldn't be a problem, but am now concerned about insurance ramifications if I have let my property out on the sly. Any advice?
- I am intent on buying a property, renting a couple of the rooms out to help cover the loan with Aldermore Bank, and then moving on in a few years time - when the property would be fully tenanted. How likely is it that Aldermore Bank would look at this unfavourably as I will have been given a standard homeloan as opposed to a B2L or consent to let? I've heard that the worst case scenario is that they can repossess the property, is this an exaggeration?
- I have a mortgage with my fiance on our property which is up for renewal 12th August. I am having to move to Oxford with work in November. What are the chances of being able to move to a consent to let mortgage with Aldermore Bank?
- Wewant to let the family home and buy other. What do I need to show Aldermore Bank to obtain consent to let?
- My OH and I bought a place in Hendon with Aldermore Bank and am moving to rent a property in Devon due to work. Is consent to let from Aldermore Bankavailable? I only want to rent out the flat for 6 - 12 months before selling.
- Just wanted to know what needs to be provided to Aldermore Bank in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another flat with my wife.
- In the event that I was successful in obtaining consent to let from Aldermore Bank, can I sell during the consent period? Is it possible that I would incur any charges?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental 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
One thing to remember when arranging a consent to let mortgage with Aldermore 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 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Aldermore Bank your property may be repossessed