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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
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The tenants for my property have asked for sight of my ‘consent to let’ from Aldermore Bank, my mortgage lender. Is this a standard request?
- I have a house in Greenwich but I am moving with my girlfriend to a different town for work purposes and moreover near her university. My preference is to keep my house but it is unlikely that I can afford a BTL mortgage. It will only be short term -two years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Aldermore Bank. Is there a chance I won't be approved for consent to let?
- We I have a domestic mortgage with Aldermore Bank but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Aldermore Bank?
- I plan to move home and I am wondering if I can get consent to let on my property then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then lease my property out once I move. Will my lender Aldermore Bank grant consent to let for six months if they know I am looking to purchase a further property or only where one is relocating short term with work?
- My fiance and I are looking to ask Aldermore Bank for consent to let out our property in Hillingdon. We are moving overseas for three years and need to let it out. I didn't check this out when we took the Aldermore Bank mortgage, and that was only because we never foresaw an opportunity would arise such as this so was planning on living in the house.
- I would like to let my property for 3 years at most. I would like to know if I could have a consent to let by my current mortgage lender Aldermore Bank?
- Last month 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 issued consent to let if I decided to move in with him
- About to remortgage my property but I will potentially moving out in the next year and would be looking to let it out. How quickly can you get consent to let from Aldermore Bank?
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 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
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 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Aldermore Bank