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.
Frequently asked questions relating to Britannia consent to lease
- In what situations will consent to let for a property be issued via Britannia? For what period of time do you have to have had owned the property before consent to let can be obtained from Britannia? In order to give you some history I am a newly qualified lawyer in a home purchased five months ago. My dream job opportunity necessitating relocation to a different city on a permanent basis has come up. I would be looking at obtaining consent to let initially with a view to renting the property out to cover the costs of the Britannia mortgage.
- Waltham Forest premises valued at £150k. Outstanding mortgage £18k with 8 years to run. Seek consent to let via Britannia for current property and utilise income to pay off what is left of the loan. Apply for sixty per cent Britannia mortgage on new property that becomes my main residence? Any reason I cant do this?
- After fifteen years in the capital, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to remortgage with Britannia. In Bromley, we are be looking at a 3-bed property around the £350k mark. Ideally, we would like to retain my existing flat. Could I ask for Consent to Let from the proposed new mortgage provider Britannia. If granted what are the likely requirements?
- I may have the chance to go and work abroad in a couple of years. I am therefore potentially scaling down to a newer apartment in Barnet which I could rent out more easily as and when required. The intention is to retain 50% equity in the new apartment which would be my home for a while. My existing lender limits consent to let for 12 months. I expect to be renting it out longer term and not informing them could land me in a whole heap of problems. BTL seems unnecessarily expensive given that I will be living there, maybe for 2-3 years initially. What type of mortgage do I ask for, and from which lender? Do lenders such as Britannia provide consent to let for more than a year?
- I was just looking into consent to let as it's something potentially I require from Britannia inside the next 12 months. Our personal situation has changed, and I would like to let my place out
- Afternoon? I am just curious if Britannia offer consent to let as an option should I decided to let out my property under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- Please can you tell me the circumstances under which Britannia will refuse a consent to let application?
- I have a normal mortgage with Britannia which is only six weeks long but I have been relocated with work. Is it possible to obtain consent to let from Britannia for a mortgage that has only just started and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Britannia consent to let Advice
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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