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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.
Recently asked questions relating to Aldermore Bank consent to lease
- I will soon be emigrating to Dubai. As opposed to sell my house, I would like to lease it out, just in case things don’t go as expected. My existing mortgage is with Aldermore Bank. If I applied for a refinance would a new provider consider this as me trying to avoid a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and therefore reject my application for Consent to Let?
- We are a young couple and we have identified a house in Lambeth that we like and wish to take out a mortgage with Aldermore Bank. The issue is that I am pregnant and about to give birth any time soon as I am on my 9th month of pregnancy. This wouldn't make it impossible for us to move straight away so we are thinking to keep living with our parents for the next few months. In the meantime, if we buy this property, we can let it out. We just wondering how will that work out? Are we likely to get consent to let by Aldermore Bank
- My plan is to move home. The query I have is whether consent to let will be granted on my property for me to subsequently obtain a loan offer for the new house so I can effectively bid without being part of a chain and then let my property out once I move. Will Aldermore Bank issue consent to let for 9 months? Assuming the letting goes to plan can the consent to let time limit be prolonged further?
- Our current house in Haringey has probably about £120K equity with a mortgage with Aldermore Bank. It's a nice family house in a popular catchment and I think it would rent well. We are probably moving for my partner’s work and were considering keeping this house on as an investment property - would we need to change the mortgage to a buy to let product or should we seek consent to let by Aldermore Bank?
- My wife and I are looking to ask Aldermore Bank for consent to let out our home in Newham. We are moving overseas for 3 years and would like to to let it out. I omitted to check this out when we took the Aldermore Bank mortgage, and that was due to the fact that we never foresaw an opportunity would arise such as this so was planning on living in the house.
- I have a mortgage with Aldermore Bank on a three year fixed rate. I may have chance of a teaching job in Belgium next year. Would I qualify for consent to let from Aldermore Bank if I took this job abroad?
- Our Aldermore Bank mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I have a mortgage with Aldermore Bank and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. How feasible are consent to let options currently?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Aldermore Bank consent to let Advice
Tax and Legal
There are numerous potential 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 conditions are not complied with you may be in breach 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