Need Help?
Need professional advice for your consent to let with Bluestone Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Bluestone Mortgages consent to lease
- I have just come off a call with Bluestone Mortgages and they tell me that it has been brought to their attention that I have been letting out the studio flat despite having a normal mortgage. I moved out a couple of years ago for work reasons, couldn't sell and so had little option but to let out the property. Are you able to advise me on the financial repercussions may be for me not obtaining consent to let?
- I am contacting you on behalf of a friend who has a mortgage with Bluestone Mortgages. He asked me to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job abroad away for a two year contract and is considering leasing the home out while he is away.
- We are are looking to join the property ladder, presently renting. We would ideally like to buy a ground floor flat in Hounslow. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we need to get a B2L loan? Would it be possible to have a normal mortgage with Bluestone Mortgages, even though we won't be moving in straight away? Or could we reside there for half a year, then start renting it with consent to let from Bluestone Mortgages? I'm only evaluating suggestions that are completely legal, and have no intention of breaching the terms of the Bluestone Mortgages mortgage.
- Require some assistance about renting a property and consent to let. Later this year I intend to move in with my other half. The council would like to rent my flat for five years guaranteed with rent being paid and maintenance. The flat was purchased with a mortgage by Bluestone Mortgages. Please help
- I am looking to Bluestone Mortgages to issue me with consent to let out my basement flat in Barnet. I am travelling for a year
- I have a standard mortgage with Bluestone Mortgages which is only 6 weeks long but I have been relocated with my job. How easy is it to obtain consent to let from Bluestone Mortgages for a mortgage that has only recently commenced and I have just purchased the property?
- Do you know if there is usually a maximum LTV before Bluestone Mortgages will grant consent to let?
- What happens if a borrower has already leased out the property for some years as an HMO and now want to go legit with Bluestone Mortgages by obtaining consent to let ? (assume Bluestone Mortgages had already given a standard mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Bluestone 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
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 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Bluestone Mortgages your property may be repossessed