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Need professional advice for your consent to let with Fleet Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Fleet Mortgages consent to let: Q and A’s
- My husband and I have a standard variable rate mortgage with Fleet Mortgages. This has been in place for three years. We are potentially leasing out our property and renting in an area near our children's school until we find the right home to buy. Do Fleet Mortgages usually issue consent to let and if so, are there any financial implications?
- Next month I will be moving to Hong Kong. As opposed to sell my house, I would like to lease it out, just in case things don’t go as expected. My current mortgage is with Fleet Mortgages. If I applied for a remortgage would a new provider view this as me attempting to avoid a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and therefore turn down my request for Consent to Let?
- A few months ago I rented out my garden flat having obtained Consent to Let with my MP. 6 months have now elapsed and they have upped my mortgage rate as previously advised. I cannot port to a preferable product with them, as they will revoke my consent to let. If I was to go with an alternative provider for instance Fleet Mortgages, would I be required to obtain a B2L loan or could I just refinance and gain consent to let?
- My husband phoned Fleet Mortgages on Friday concerning consent to let. He is expecting a call back. We have put an offer in on a house that has been accepted in principle so we need to know how likely it is that we will get consent to let by Fleet Mortgages?
- Good-day, what documents or paperwork would Fleet Mortgages require for a consent to let letter?
- My family circumstances has changed, and I wish to lease my place out - meaning consent to let- I have approx £200K loan with Fleet Mortgages and currently 90k equity I need to avoid the redemption penalties.
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a homeowner mortgage with Fleet Mortgages
- Last month bought my flat and took out a mortgage with Fleet Mortgages but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Fleet Mortgages consent to let Advice
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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
If you do not keep up the payments on your mortgage with Fleet Mortgages your property may be repossessed