Need Help?
Need professional advice for your consent to let with ASTRA mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to ASTRA mortgages consent to let
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Just wondered if any of your clients had recent experience asking for Consent to Letfora year from ASTRA mortgages or if you have any tops as to how such permission is obtained.
- I would like to move house and I am enquiring if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then let my property out once I move. Will my lender ASTRA mortgages grant consent to let for 12 months if they know I am wanting to buy a further property or only if I am relocating temporarily for career reasons?
- I am intent on purchasing a property, renting two of the bedrooms out in order to cover the loan with ASTRA mortgages, and then moving on in two or three years - at which point the property would be entirely let. Is it likely that ASTRA mortgages would frown upon this as I will have been issued with a non-commercial homeloan rather than a B2L or consent to let? I've heard that the worst possible outcome is that they can repossess the property, is this right?
- I am currently looking to buy my first home however, working as a contractor. I I would like to find a lender that will permit short term letting with a domestic mortgage so that I could rent out the property temporarily with long periods of absence without being compelled to a buy to let rate. Are you able to advise me on how lenders would perceive this and specifically the approach taken by ASTRA mortgages.
- I'm possibly going to Dubai for a year with work. Planning on taking the husband with me and hoping to rent our Hillingdon property in the meantime on a short term basis to make things more cost effective. I was just enquiring I have filled in my application form but I'm unsure where to send it
- I have four months to run on a two year residential mortgage with ASTRA mortgages but now rent the house out. Can I assume they will just charge a set fee for consent to let?
- Please could you clarify what the process would be if we bought a second home and need to apply for consent to let for our existing mortgage with ASTRA mortgages
- Ten months into homeloan with ASTRA mortgages due to work reasons need to relocate. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above ASTRA mortgages 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming null and void. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 ASTRA mortgages