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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.
Questions and Answers: Aldermore Bank consent to let
- A friend of mine has been renting her house off the same landlord for almost 18 months. Over the course of the last twelve months my friend has been receiving letters from Aldermore Bank (she hasn't opened them-it is clear from the envelope). At first she reposted them to her landlord’s address. I was a bit suspicious as none of the landlord’s mail was meant to be going there. I therefore went to my friends house and called Aldermore Bank on her behalf. The lady I spoke to at Aldermore Bank asked all sorts of questions, the landlord’s details, information relating to the tenant and then said they were going to investigate whether she had the appropriate mortgage and if she didn't it was an offence without consent to let. Should my friend be worried?
- In the coming months I would like to move home and I am curious as to whether 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 rent my property out once I move. Will my lender Aldermore Bank grant consent to let for 12 months if they know I am wanting to purchase somewhere else or only if I am moving temporarily for career reasons?
- I've been with Aldermore Bank for nearly 2 years and have just re-fixed the mortgage rate. The LTV is around 30%. We now must move into my mum’s house to look after her, it would preferable to rent our house out - do I need to seek consent to let from Aldermore Bank and is it likely to cost much?
- I have been renting out my flat to students for three years but not on a BTL mortgage as I thought that you only required a buy to let if you had more than one property. In trying to buy a further property, I discovered that I should have had consent to let at the outset from my mortgage provider Aldermore Bank. I'm wondering whether I can now ask Aldermore Bank for a consent to let?
- How much is it to get a consent to let from Aldermore Bank on my residential property. Last week I moved in with my husband and have a family member renting from me.
- I am relocating for work for as long as 12 months... I was wondering if I was able to gain from Aldermore Bank consent to let the house out while I was away as I am reluctant to leave it empty for that period
- Me and my sister and I have a mortgage with Aldermore Bank on our garden flat in Westminster. We are planning to buy a new house and move in there. How do I move our current mortgage on to consent to let?
- Do you have the address to which a Consent to Let request to be sent for Aldermore Bank? Sorry about bothering you with this query.
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General Advice to read in conjunction with 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
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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