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.
Top Five Questions relating to Aldermore Bank consent to lease
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We bought a garden apartment in 2013 for 230,00 with Aldermore Bank. My husband’s job requires him to relocate to Gibraltar and realise that I need to apply for consent to let from Aldermore Bank. Do you have any experience of consent to let from Aldermore Bank?
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Is consent to let needed from Aldermore Bank or can I lease out my new house without telling Aldermore Bank and having to convert to a buy-to-let mortgage?
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Finding myself in an impossible situation with a Consent to Let home loan. Reacting to my requisition for consent to let the lender has asked me to provide them with an executed AST prior to issuing consent. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?
- I have a residential property but I am moving with my girlfriend to a different city for career reasons and moreover close to her university. I would like to retain the house but not sure I can afford a buy to let rate. It will only be temporary -3 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?
- It would be helpful to know if Aldermore Bank are likely to grant consent to let out our house in Haringey
- My wife and I have a letter to Aldermore Bank requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way Aldermore Bank would allow it from day one?
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a homeowner mortgage with Aldermore Bank
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Aldermore Bank consent to let Info
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
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 standard 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
If your property is leasehold, the lease may prohibit 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
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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