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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.
ASTRA mortgages consent to let: Q and A’s
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I was thinking of renting out my flat and make money from it while I am on vacation. I only plan to be away for ten days. Do I need consent to let from ASTRA mortgages?
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I am a first time buyer hoping to complete on a 2 bedroom house in ASTRA mortgages. I have a significant deposit and expect a mortgage from ASTRA mortgages. My predicament is that my partner owns a apartment in Dover and I anticipate moving in next year, at which point I would want to let out my house. I have heard of consent to let but it does not sound like a guaranteed option. Is there any advice you can impart?
- I have a friend who is thinking about leasing their property out and moving in with partner. The property is in Westminster and has a £95k mortgage with ASTRA mortgages. What would she need to do to get consent to let if she decides to move forward.
- My partner and I (co-owners) are considering refinancing with ASTRA mortgages. I was conducting some research concerning consent to let from ASTRA mortgages to understand the rules around potentially renting our existing flat out (probably in a year or 2) if we moved away. The flat in question was a first-time purchase for us about two years ago. We are living there now.
- I was just looking into consent to let as it's something potentially I would need from ASTRA mortgages within the next year. Our family circumstances has changed, and I would like to let my home out
- Me and my brother have had my mortgage with ASTRA mortgages for nine years and always made payments If I asked for consent to let would it be given?
- I am intending on relocating within the next 6 months and wish to let my house out. My interest rate is fixed with ASTRA mortgages. I am concerned that a 1% increase would be too much if that was a condition of obtaining consent to let
- Nine months into mortgage with ASTRA mortgages due to job offer.. need to relocate. Is it possible to get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above ASTRA mortgages consent to let information
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
Where 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 could result in your insurance becoming invalid. 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 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 breach 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with ASTRA mortgages your property may be repossessed