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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.
Questions and Answers: Bluestone Mortgages consent to let
- My niece is going to work overseas for twelve months and wants to lease her apartment out. She has a Bluestone Mortgages fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- I am 3 years up in my five year fixed rate mortgage and intend to take a job abroad so wish to let my home for a couple of years. My L2V is around 65%. Can you tell me if Bluestone Mortgages will charge me more interest for consent to let for two years?
- I acknowledge that I have been extremely reckless in not informing Bluestone Mortgages that I’m renting my house out. Ideally I would like to do the right thing with as little consequence as possible. If Bluestone Mortgages says yes, how would you rate the chances of them knowing historically that the property was let without consent?
- Ever since 2014 I have had a Bluestone Mortgages mortgage with my twin and am looking to vacate and get a new mortgage with my partner. How do I go about taking in a lodger? Is consent to let necessary via Bluestone Mortgages? My twin will stay in the property
- I currently have a mortgage with Bluestone Mortgages that I would like to transfer to a consent to let as we have found another property we are looking to purchase. How do I apply for consent to let from Bluestone Mortgages and what happens within the process?
- We have a mortgage with Bluestone Mortgages and would be thinking about buying another main residence and then subsequently renting our current property out. Would I require consent to let from Bluestone Mortgages?
- I was just wondering if there are any restrictions in obtaining consent to let on a freehold property when I have a mortgage with Bluestone Mortgages
- I'm looking to find out more regarding consent to let from Bluestone Mortgages. Would an acceptable reason be issues with neighbours and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Bluestone Mortgages consent to let Questions and Answers
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
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 breach 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 commencing legal proceedings 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