Need Help?
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.
Foundation Home loans Consent to Lease Example Support Desk Enquires
- I have a garden flat but I am rarely there, deliberating the option of renting it out. The mortgage is with Foundation Home loans, would I have to switch my mortgage rate or ought I apply for consent to let?
- We are in need of a larger house so our children don't have to bunk together. We are thinking about buying another house in the near future. The house is estimated to be worth £185k and we have about £65k left to pay on the Foundation Home loans mortgage. We would prefer to keep this house if possible and let it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- In 2001 I was given permission by the local authority and my mortgage provider Foundation Home loans to convert a small barn into a granny annex, conditional on it not being disposed of separately from my house. My parents died some years ago and I would now like to lease it out with consent to let from Foundation Home loans. Do you think this can be obtained?
- I have been leasing my flat to a tenant for two years but not on a BTL mortgage because I thought that you only needed a buy to let if you had more than one mortgage. In trying to buy a second property, I found that I should have obtained consent to let at the outset from my lender Foundation Home loans. I'm wondering whether I can now ask Foundation Home loans for a consent to let?
- Are you aware of any discretion in the accepted equity ration before transferring from an existing Foundation Home loans mortgage to a consent to let?
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some people to exploit?
- 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 domestic mortgage with Foundation Home loans
- Will Foundation Home loans issue consent to let my house? I currently have a residential mortgage, never had arrears and have been with Foundation Home loans for a little under five years now. What costs am I likely to face
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Foundation Home loans consent to let Questions and Answers
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 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 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.
If you do not keep up the payments on your mortgage with Foundation Home loans your property may be repossessed