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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 purchased a property last year with a Aldermore Bank mortgage but would like to let out the property. I have got parking issues there. Do I require consent to let fromAldermore Bank?
- Please explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It is on the market and I can't find a buyer. This is because my neighbour is noisey. I had no choice but to mention this on the disclosure form. Mortgage is with Aldermore Bank on a fixed rate. Someone mentioned I should obtain consent to let from Aldermore Bank and rent the property for a couple of years.
- The plan is to move in with my partner and I have let my property out to two tenants on a one year AST. I am now applying for consent to let from Aldermore Bank but what if they decline. I can’t renege on my contract in terms of not renting the students as they have all signed up. On the flip-side Aldermore Bank could take action for breach of a condition i.e. renting it out in the absence of consent to let.
- As we are relocating and unable to find a buyer for our property, we are mulling over letting it out. Am I required to disclose this to Aldermore Bank? I have a hunch that Aldermore Bank might change our terms. I was thinking that as long as I continued paying on time it shouldn't be an issue, but am now nervous about insurance ramifications if I have let my property out on the sly. Any advice?
- Aldermore Bank. Will they grant consent to let a property for a couple of years? I plan to return as an occupier.
- We are close to purchasing a property and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the criteria is for consent to let from Aldermore Bank? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- I am after further information concerning consent to let mortgages, potentially switching our current mortgage with Aldermore Bank over to a consent to let one.
- Just wanted to know how to seek a consent to let from Aldermore Bank with whom I have a mortgage with. There is an outstanding balance of 47k. The value of property is 245k. Its in my name but my wife and I would like to purchase a two bedroom ground floor purpose built flat in Greenwich we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Aldermore Bank consent to let Advice
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 inform them may trigger your insurance becoming invalid. 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
If your property is 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Aldermore Bank