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.
ASTRA mortgages consent to let: Q and A’s
- I have exchanged contracts for an off plan property in which I was going to live in, but my boss has offered me a posting overseas for 2 years, can I let the new property with consent to let from ASTRA mortgages.
- I have a homeowner mortgage with ASTRA mortgages and will be joining the Royal Fleet Auxiliary in March. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time on assignment I want to lease out my house in Tower Hamlets and live with my father when on shore. I am confident that my rental income would cover my monthly repayments. Can you help?
- I am with ASTRA mortgages and just had to apply for consent to let, but wondered if they impose any requirements on the level of rental income?
- How simple is it to get consent to let from ASTRA mortgages. I am considering fixed deals and plan to live at the property but want to know what options are open to me if work has opportunities elsewhere for instance within the next couple of yrs Could you let me know generally how receptive ASTRA mortgages are regarding consent to let?
- I am looking for information on the requirements that ASTRA mortgages set for consent to let? Can you help?
- We have a consent to let letter that I have attained from my management company. I presume I need to send this with a letter to ASTRA mortgages with a view to getting a consent to let from them. What address shall I forward it to?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way ASTRA mortgages would allow it from day one?
- I would like to let my flat for a couple of years max. How do I go about getting consent to let from ASTRA mortgages who I have a mortgage with?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to 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
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 could trigger 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 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
Neglecting to advise 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