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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.
Recently asked questions relating to Foundation Home loans consent to lease
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Due to problems with the area we live in (it's rough!), we are now looking to move. As disposing of the flat will trigger a hefty redemption penalties to Foundation Home loans of £2500, we considered that it would be sensible to rent it out. So, we need to obtain a consent to let from Foundation Home loans only 12 months. Will Foundation Home loans grant consent?
- I own a three bedroom leasehold maisonette via a Foundation Home loans mortgage and have a lodger in the 2nd bedroom. I am about to take a job in a different city and will look for a property to rent. My lodger wishes to stay and has agreed to pay an increased rent. Must I ask for consent to let by Foundation Home loans?
- I am a landlord and currently completing eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been served. The tenant's defense for non payment is built on the claim that I I failed to obtain consent to let my 2 bed flat from my lender Foundation Home loans
- I am currently a Foundation Home loans mortgage customer seeking consent to let on my current property. We would like to purchase in close proximity to where we are based with the Army,... but we might have to move.
- I would like to lease out my property. Do I simply need to send a letter to Foundation Home loans requesting consent to let out the home?
- How do I go about getting a consent to let application form from Foundation Home loans and how quickly can I get the consent?
- I have a question I'd like to ask...if consent to let is granted by Foundation Home loans would it usually be restricted to a time limit, such as 6 or 12 months?
- In the event that I was successful in obtaining consent to let from Foundation Home loans, could I sell during the consent period? Is it possible that I would incur any charges?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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 standard 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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