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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
- We are a newly married couple and we have identified a property in Enfield that we like and wish to take out a mortgage with Aldermore Bank. My concern is that I am pregnant and about to give birth any time soon as I am on the last few weeks of pregnancy. This means that it would not be possible for us to move right away so we are considering living with our parents for about six months. In the meantime, if we get this property, we can rent it out. I was just wondering how will that work out? Will we be liable to get consent to let from Aldermore Bank
- How challenging is it to get consent to let from Aldermore Bank. I'm taking a fixed residential mortgage and hope to live there but would like to know my options if work has opportunities elsewhere for instance in the next couple of yrs Could you let me know generally how receptive Aldermore Bank are regarding consent to let?
- I have been foolish in failing to inform Aldermore Bank that I’m leasing my ground floor flat out. The latest tenants have left the place in a mess and I need to claim on malicious damage. I’m afraid that my insurer will contact Aldermore Bank, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- My cousin and his partner currently lodge with me at my flat. Next Summer I would like to move out of the property and in with my GF. How likely is it that I will be able to get consent to let from Aldermore Bank after only having the mortgage for less than half a year?
- Do Aldermore Bank offer consent to let? I am just considering this in order to move home in the coming months
- Is consent to let required from Aldermore Bank if I am intending to reside in the property myself for half of the year? In addition if I obtain consent to let for a period of time, say up to 2 years, what happens after that.
- I was wondering if you are able to assist. I do not have consent to let from Aldermore Bank and would like to know if this option is available to me to switch to as I have to move back home to take care of my mum
- I wish to get consent to let from Aldermore Bank for a couple of years at which point I can move onto a BTL. Is this feasible
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
Omitting 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Aldermore Bank your property may be repossessed