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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.
Recently asked questions relating to Aldermore Bank consent to lease
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For the last few months I have been letting out my flat in Croydon. I didn't obtain consent to let. I moved to Surrey for work and couldn't do a commute but was nervous that Aldermore Bank would charge me silly money so I decided to take the risk. I'm looking to do the right thing now... basically carry on letting it but with consent. What course of action do I take now?
- My property recently got consent to let on a standard loan with Aldermore Bank with the intention of switching to a buy-to-let rate when the fixed rate expires in a few months' time, so I'm uncertain if this adds to the complexity of the issue! Any advice gladly appreciated.
- I need to decide what to do ie let or sell. The property has a mortgage against it with Aldermore Bank (with fair amount of equity). We are planning to move out of Leeds and if at all possible want to lease out our house with consent to let from Aldermore Bank and use the income from that to help get approval for a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I wish to know what the criteria is for Aldermore Bank for consent to let. I have come across differing suggestions in relation to fees and rates. I need to move area for work but I don't want to sell the property due to a difficult market.
- I’ve already been told to write a letter to Aldermore Bank to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from Aldermore Bank and let my studio flat out if I move in with her?
- I want to get consent to let from Aldermore Bank for a few years until I can move onto a BTL. Is this possible
- What are the implication if I have already leased out the property for a number of years as an HMO and now wish to go legit with Aldermore Bank by getting consent to let ? (work on the basis that Aldermore Bank had in the past given a residential mortgage previously)
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 Questions and Answers
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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