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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 plan to apply to ASTRA mortgages to obtain consent to let out my home in ASTRA mortgages. However the property has been on with agents for seven weeks but there are no takers and paying a full mortgage, council tax and insurance on unoccupied house is draining me financially. What approach would ASTRA mortgagestake if I have the house on the market?
- My fiancee and I are first-time buyers, currently renting. We would ideally like to purchase a ground floor flat in Croydon. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we need to seek a buy-to-let loan? Could we take a normal mortgage with ASTRA mortgages, because we intend to move there soon? Alternatively could we reside 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 legitimate, and have no intention of breaching the provisions of the ASTRA mortgages mortgage.
- I have been offered an excellent job opportunity for eight months overseas. I have enough savings to cover the monthly ASTRA mortgages mortgage yet the block insurance requires continuous residency in order not to be invalidated. Last winter the roof had some leaks that were repaired. If there happened to be any problems through the winter months I would find it hard to cover the remedial works. Will I qualify for consent to let from ASTRA mortgages for a limited period?
- I have a self contained flat attached to my house that my mother is planning to move out from. As the main house is large I was considering moving into the annex and let the rest out. This is also due to change in my personal situation. Would I require consent to let from ASTRA mortgages?
- Were we to request a consent to let letter from ASTRA mortgages will we be forced to switch to buy to let mortgage? Our mortgage is with ASTRA mortgages and as houses are not selling at the mo and we have seen one we like we were considering letting our home out in order to buy the new and dispose of this one when the local market improves.
- I was just curious as to whether ASTRA mortgages would grant consent to let and what kind of fees, penalties and new rates etc
- My brother and I have 5 months to left on a two year residential mortgage with ASTRA mortgages but now lease the flat out. Can I assume they will just charge a flat fee for consent to let?
- Do you know if there is usually a required loan to value amount before ASTRA mortgages will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with ASTRA mortgages