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.
Frequently asked questions relating to ASTRA mortgages consent to lease
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I have a normal mortgage over my residence in loc with the intention of moving overseas to country for a couple of years. During this time frame it would be ideal if I could rent out my apartment. My lender says I cannot have consent to let. I am not inclined to transfer to a buy to let mortgage as it’s only for a limited time-frame that I am abroad for.
- My fiancee and I are first-time buyers, presently renting. We would ideally like to purchase a one bedroom apartment in Hackney. We want to move there, but will need to wait for a job - perhaps 2-3 years. Do we have to get a buy-to-let loan? Could we have a 1st time buyer mortgage with ASTRA mortgages, because we intend to move there soon? Or could we move there for a couple of months, then start renting it with consent to let from ASTRA mortgages? I'm only willing to consider options that are completely legal, and have no intention of contravening the provisions of the ASTRA mortgages mortgage.
- We are looking to rent out our ground floor flat in Barnet in June. I would like some advice on what I need to do. I've just moved our ASTRA mortgages mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- Me and my partner are soon to purchase a property together. Plan is for me to get consent to let my flat from ASTRA mortgages. Thinking further ahead - when my two year fixed period expires - how would it work if I sought to refinance then?
- I was just enquiring if ASTRA mortgages would give consent to let and what kind of charges, penalties and rate increase etc
- My fiance and I have already let but only just realised ASTRA mortgages should've been notified and consent to let applied for - what's the best course of action now?
- My husband and I have a domestic mortgage with ASTRA mortgages and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Before we apply I would like to know the repercussions if any of making the change and any facts that we need to consider.
- 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 residential mortgage with ASTRA mortgages
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Caveats to be read in in addition to the above ASTRA mortgages 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
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
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 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with ASTRA mortgages your property may be repossessed