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Need professional advice for your consent to let with Foundation Home Loans? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Foundation Home loans consent to let
- Earlier this year I rented out my three bed flat and have gained a Consent to Let with my MP. 6 months have now gone by and they have upped my payments as previously advised. I am unable to transfer to a more favourable product with them, as they will withdraw my consent to let. If I was to go with another provider for instance Foundation Home loans, would I need to take out a Buy To Let mortgage or could I simply refinance and secure consent to let?
- Is it possible to rent out our house in the absence of consent to let from our mortgage provider? I recognise that initially we signed a declaration saying it wouldn't be a buy to let property and that we are not the owners of other property. I know you can't use H2B if you owned other premises at the time, but what about property after the event? Can you acquire a further property, receive a gifted property?
- I have a house that's presently under shared ownership (My share is 60per cent) purchased in July 2013. I am currently going through the full purchase of the house. My partner and I also have in mind a second house that we are looking to purchase. Mortgage in principle has been issued by Foundation Home loans. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new home
- I have had a Foundation Home loans mortgage for just over six months but I discovered this morning that I am about be made redundant. I would like advice on being given consent to let from Foundation Home loans
- I’ve already let but only just realised Foundation Home loans should've been informed and consent to let applied for - what's the best course of action now?
- We are planning to change mortgage provider to Foundation Home loans for a fixed rate but during this period would need to rent the apartment out for just under 12 months. Do Foundation Home loans consent to let on fixed rate home loans and if so, what are the costs.
- Is there leeway in the accepted equity ration before transferring from an existing Foundation Home loans mortgage to a consent to let?
- Please can you inform me how much the fees are and if Foundation Home loans usually give consent to let without changing to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Foundation Home loans consent to let Questions and Answers
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 Foundation Home loans 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 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
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Foundation Home loans