Need Help?
Need professional advice for your consent to let with Britannia? 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 Britannia consent to lease
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I acquired a house in 2010 for £147,000 with Britannia. I got married to someone in the RAF so moved in to married quarters in Belgium and now wish to have to get consent to let from Britannia. Will they give permission?
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Finding myself in a difficult predicament with a Consent to Let home loan. Having sought consent to let my bank has asked me to provide them with an executed tenancy agreement before they will grant permission. Is is not the case that if I adhered to their request that I would be breaching the terms of my existing mortgage?
- Last week offered a job overseas and considering whether it's a good idea renting my house out. Will Britannia permit me to switch mortgage or give me consent to let? If not I will have to think about whether it's worth taking the job. I have no objection to paying more as it is likely that I will come back and move into my home after twenty four months. I'm not doing it to to make money. Just love my house and want to return to it at some point in the future.
- I would like to buy a second house having recently purchased a ground floor flat on residential mortgage. Looking to purchase in a few months time. I am told that I may need consent to let from Britannia, my current mortgage provider? What is the best way to go about this and gain the consent needed.
- Iwant to let the family home and purchase another. What do I need to supply Britannia to obtain consent to let?
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Wandsworth. What are the chances of being given consent to let by Britannia without being forced onto a BTL product.
- Is there a set or maximum term how long I could rent my property out to a family member with consent to let from Britannia. I no longer want to live in the area and want to buy a new home?
- Me and my partner am looking into the option of leasing out my house with consent to let from Britannia whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Britannia 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
One thing to remember when arranging a consent to let mortgage with Britannia is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 your covenants under 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 commencing legal proceedings 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 Britannia