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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.
Common questions relating to Bluestone Mortgages consent to lease
- Under what scenarios will consent to let for a property be issued from Bluestone Mortgages? For what period of time do you have to have had owned the property before consent to let can be granted by Bluestone Mortgages? In order to give you some history we are going abroad for 20 months with my wife’s business and will need to rent our property. I am interested in getting a consent to let in the first instance to be able to put a tenant in it to offset the costs of the Bluestone Mortgages mortgage.
- A few months ago I let out my maisonette having secured Consent to Let with my building society. Six months have now elapsed and they have increased my interest rate as previously advised. I am unwilling to swap to a preferable product with them, as they will withdraw my consent to let. Were I to go with another mortgage provider for example Bluestone Mortgages, would I need to take out a Buy To Let loan or could I simply remortgage and secure consent to let?
- I have a mortgage with Bluestone Mortgages however my husband and I will be relocating to Cape Town in January. 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 would like to know what the criteria is for Bluestone Mortgages for consent to let. I have heard various suggestions in relation to fees and rates. I need to move area for career reasons but I don't want to sell the house due to a difficult market.
- I want to fill a consent to let form for permission to rent from Bluestone Mortgages, where do I get it from?
- I’ve already been told to write a letter to Bluestone Mortgages to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I currently have my mortgage with Bluestone Mortgages and have been for the past twenty months and I am interested in finding out some more information about the possibility of getting 'consent to let’.
- We have three months to remaining on a 2 year residential mortgage with Bluestone Mortgages but now rent the property out. Can I assume they will simply charge a set fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Bluestone 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
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 lease may prohibit 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 potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bluestone Mortgages