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.
Britannia Consent to Lease Example Support Desk Enquires
- I purchased a garden flat a couple of years ago with a Britannia loan but would like to let out the property. I want to find a larger property as our kids are growing up and a single bedroom apartment is too small for us now - plus if I lease it out I can build up some savings. Will Britannia issue consent to let?
- My fiance and I are presently 1 year into a year fixed rate mortgage with Britannia. Ideally we would like to acquire a more substantial second property in the next year however would prefer to keep the first home and I was wondering what reason we could put down on the consent to let application to get their approval
- What are the chances of Britannia in giving Consent To Let on a studio flat? It is currently on the market and it has been for two months. I am keen to sell but I'm worried that if there are no takers I will need to rent out the property in order to cover the monthly payments to Britannia (I no longer reside at the address). My preference is to be open with Britannia than do it on the sly but I'm not sure how accomodating they would be.
- I currently have a mortgage with Britannia and the loan to value is presently 60% with the Britannia current book value and I'm looking to buy a further property but would like to keep my existing property at the current market value. I have consent to let from NRAM on a previous property so know a bit about them and I also have buy to let with Scottish Widows on another property. Does the expected rental income on a consent to let with Britannia need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- I would like to send the consent to let form by courier and wanted to know if Britannia have a regular mailing address I can use as couriers ordinarily will not accept deliveries to PO Box numbers.
- If I let my property with consent to let from Britannia will there be any rate increase? I am presently on a fixed rate for two years.
- I was wondering if you could assist. I do not have consent to let from Britannia and was wondering if this option would be possible for me to move to as I have to move back home to take care of my mum
- I am enquiring as to whether there are any charges in getting consent to let on a freehold property when I have a mortgage with Britannia
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Britannia 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming invalid. 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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