Need Help?
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.
Aldermore Bank Consent to Lease Example Support Desk Enquires
- In what situations will consent to let for a property be granted via Aldermore Bank? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Aldermore Bank? By way of background I am a young doctor in a home purchased a matter of months ago. My dream job offer involving relocation to a different city permanently has presented itself. I would be looking at applying for consent to let in the first instance with a view to renting the property out to cover the expense of the Aldermore Bank mortgage.
- Hello, I have consent to let my house with Aldermore Bank and am about to give my tenant two months notice as I wish to find a buyer. I am concerned about the property being vacant when the tenant goes and finding a purchaser. I have never defaulted on the account, would it be possible to take payment breaks until sold?
- I was just looking for a general view on whether I will be allowed to switch a residential mortgage with Aldermore Bank to a consent to let. It will be less than 65% ltv and it would change from repayment to interest only?
- How much does it cost to obtain consent to let via Aldermore Bank and is there a minimum period of time I should have had the mortgage for?
- I have a Aldermore Bank home loan currently and may want to let it out for a limited period of time with consent from Aldermore Bank for (two years). How long does it take to obtain consent to let?
- Will Aldermore Bank want to know why I am applying for consent to let? Should I disclose my potential move abroad?
- Is it possible to remortgage with Aldermore Bank with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- I would like to get consent to let from Aldermore Bank for two years until I hope to turn it into a BTL. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Aldermore Bank consent to let information
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 lease may prohibit 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 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 commencing legal proceedings 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