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Need professional advice for your consent to let with Godiva Mortgages Ltd? 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 Godiva Mortgages consent to lease
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We acquired a terraced property in 209 for 175,500 with Godiva Mortgages. My husbands career requires that we move to Cyprus and now wish to obtain consent to let from Godiva Mortgages. Do you have any experience of consent to lease from Godiva Mortgages?
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Do I need consent to let from Godiva Mortgages or can I rent out my garden flat without telling Godiva Mortgages and having to transfer to a B2L loan?
- I have been a mortgage borrower with Godiva Mortgages for 14 years. My divorce was finalised four years ago and bought the ex wife out. My situation has changed, I want to keep my house but live with my new partner, renting my house out. I have been told by my IFA that I can ask for a consent to let from Godiva Mortgages instead of a BTL mortgage as I I did not buy the property in the first place in order to let, is this right?
- I have a mortgage with my partner on our property which is up for renewal 1st August. I am having to move to Oxford with work in November. Is it possible to switch to a consent to let mortgage with Godiva Mortgages?
- I would like to let out my home. Do I just post a letter to Godiva Mortgages asking for consent to let out the house?
- We are intending to switch lender to Godiva Mortgages for a fixed rate but the likelihood is that I would need to rent the property out for about one year. Do Godiva Mortgages consent to let on fixed rate home loans and if so, what are the costs.
- Me and my wife took a mortgage with Godiva Mortgages but am informed they have a stipulation that they refuse to issue consent to let the property to a housing association. Is this true and if so, can you suggest a way round this?
- My wife and I spoken to someone at Godiva Mortgages about changing our current homeloan to consent to let (the current fixed rate comes to an end in june 2016). Can I just confirm that I need to send a letter explaining our change in circumstance to Godiva Mortgages? Where do I need to post it to?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Godiva Mortgages 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming invalid. 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 terms are not adhered to you may be in violation 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.
If you do not keep up the payments on your mortgage with Godiva Mortgages your property may be repossessed