Need Help?
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 Lease Example Support Desk Enquires
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I'm about to get in touch with Fleet Mortgages for consent to let out my property in Fleet Mortgages. However the property has been on with agents for 4 weeks but there without a sniff of interest and forking out for a full mortgage, council tax and insurance on unoccupied house is a financial drain. What position would Fleet Mortgages take if I have the house on the market?
- My plan is to let my three bed flat out from mid June next year as I will be travelling for a few months. I have a homeowner mortgage with Fleet Mortgages. I will not be letting for more than four months. Most likely it will be 4-5 months. It has been suggested that I seek permission from my freeholder first? Please can you suggest what I should be doing in what order?
- We are hoping to release equity in my present house to buy an additional property which I propose to live in whilst I do it up. I would like to rent my existing property with the Fleet Mortgages mortgage. Is it likely that I would be granted consent to let? House is worth £300 k with a £150k mortgage in place.
- We intend to let our existing property out early next year when we move. I will apply for consent to let from Fleet Mortgages. As of now the property is in my name but I am a higher rate tax payer. Is it best to do a equity transfer to her or can I enter into a Declaration of Trust?
- I'm thinking about letting my property on a domestic mortgage with Fleet Mortgages what is the procedure for getting consent to let?
- Last month I bought a apartment using a Fleet Mortgages home loan. However I am currently living with parents. I don't want to move in until August 2017 due to some family issues. In interim can I lease out the property with consent to let?
- I am trying to find out if Fleet Mortgages will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- Is there a fixed or maximum term how long I could rent my home out to a family member with consent to let from Fleet Mortgages. I no longer want to live in the area and want to buy a new home?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Fleet Mortgages consent to let Info
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 Fleet Mortgages 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 provisions in the lease may prevent 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Fleet Mortgages