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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
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Me and my husband have a Bluestone Mortgages home loan and are are not in arrears, both employed etc. Do you know how much the fees are and if Bluestone Mortgages are likely to give us consent to let without transferring to a commercial rate?
- I'm looking to acquire a studio flat in Merton. My intention is to reside there for under a year, and subsequently move into a larger property. As opposed to selling the first flat my preference would be to rent it out so that it becomes an investment. Do you know if Bluestone Mortgages would issue consent to let after half a year?
- My flat has a mortgage against it with Bluestone Mortgages and I have been renting the property minus consent to let, making me in breach of my mortgage conditions. I suspect that they have found out that I am not residing there. What negotiating options are available if I don't sell it before they become aware I am in contravention of my Ts and C’s?
- I have a mortgage with Bluestone Mortgages however my husband and I will be relocating to Australia in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I am looking to Bluestone Mortgages to grant consent to let out my home in Enfield. I am moving to Dubai for Six months on a secondment.
- How much of my mortgage allowance will be made available to borrow if I switch my mortgage to a consent to let with Bluestone Mortgages?
- I am deliberating a remortgage and also exploring the possibility of renting the property in the years to come - Is there a charge with Bluestone Mortgages to get consent to let and what are the criteria?
- Me and my wife have a mortgage with Bluestone Mortgages but am informed they have a stipulation that they refuse to grant consent to let the property to a housing association. Is this right and if so, is there a method to bypass this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Bluestone Mortgages consent to let Advice
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bluestone Mortgages