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
- I completed on a property two years ago with a Britannia loan but now wish to let out the property. I want to find a larger property as our kids are growing up and a single bed residence is too cramped for us now - furthermore if I lease it out I can save some money. Will Britannia issue consent to let?
- I have a residential loan with Britannia. I would like to purchase a further house and my mortgage broker suggested I seek consent to let. I was under the impression that they will only grant consent to let if I have the intention to go back to my current property. Did I get accurate information?
- What is the procedures for obtaining consent to let from Britannia? What documents do they need? is there a fee to pay? How long the consent is valid for? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than let out the property?
- I have a self contained flat attached to my house that my mother has vacated. As the main house is large I was thinking to move into the annex and rent the rest out. This is also due to change in my personal situation. Would I need a consent to let from Britannia?
- My existing mortgage is with Britannia, but I am going to move out for approximately 12 months as we need to be closer to my wife’s mum. Will Britannia issue consent to let?
- I have a question I'd like to ask...if consent to let is given by Britannia would it usually be subject to a time limit, such as 6 or 12 months?
- I am interested in some advice on how best to approach my mortgage provider Britannia regarding a 'Consent-to-Let' application. Is this a task you can offer guidance on ?
- How likely is it that Britannia force me into a consent to let product whilst in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Britannia 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
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Britannia