Need Help?
Need professional advice for your consent to let with April Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
April Mortgages consent to let: Q and A’s
-
I rent out my property in Harrow. I didn't get consent to let. I moved to Aldershot for work and was unable to cope with the traveling but was worried that April Mortgages would charge me an arm and a leg 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 are my next steps?
- I am looking to move house. The query I have is whether consent to let will be granted on my house for me to then obtain a mortgage for the new house so I can put in an offer without being part of a chain and subsequently let my property out when I move. Does April Mortgages give consent to let for nine months? Assuming the rental goes to plan can the consent to let time limit be continued?
- Hi, I have consent to let my property with April Mortgages and am now looking to give my tenant 2 months notice as I wish to sell the property. I am worried about the property being unoccupied when the tenant goes and finding a purchaser. I have never defaulted on the account, is it likely that I would be able to take payment holidays pending the sale of the property?
- We are planning to rent out my flat for a year from 26th August 2015. Is there a standard format for a letter I can use to write to April Mortgages to apply for consent to let.
- We wish to move home and have found a property we wish to purchase so are considering leasing out with consent to let from April Mortgages for our current property to enable us to place an offer and not lose the potential new property.
- My mortgage is presently with April Mortgages and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. What are my consent to let options currently?
- I am currently in the process of applying for a mortgage through April Mortgages - It is possible that in the within months I may decide to rent the property out - how would I swap the 1st time buyer mortgage to a buy to let mortgage?
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage provider April Mortgages. Will any consideration be given to the fact that I only recently out the mortgage three months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above April Mortgages 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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 April Mortgages