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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.
Godiva Mortgages consent to let: Q and A’s
- I have a Godiva Mortgages mortgage with my twin and want to leave and get a new mortgage with my partner. How do I go about renting out my room? Is consent to let required by Godiva Mortgages? My twin will remain in the property
- Resulting from a redundancy we are looking to move away from Southwark and our apartment, potentially to a job in Norway but that means we will want to let the property but don't want the cancellation fees of existing Godiva Mortgages mortgage which will be exorbitant.On what basis is 'consent to let' granted by Godiva Mortgages?
- I have a property in Islington with a Godiva Mortgages mortgage but have not lived there for a while. My brother moved in but pays no rent. At the moment I live in rented premises and am keen to buy a house. I have identified a great property at an attractive price. I have enough of a deposit to use on the house I am interested in but would be a financial strain to pay enough off the old property to switch it to a BTL loan simultaneously. Can I switch the current Godiva Mortgages mortgage for my old apartment into a consent to let and use my savings to pay a larger deposit for the domestic mortgage on the property that I am looking to purchase?
- I am currently looking to buy my first home however, I am self employed. I I would like to find a lender that will permit short term letting with a residential mortgage so that I could let the property temporarily with long periods of absence without being compelled to a buy to let mortgage. Can you let me know how lenders would view this and in particular the stance taken by Godiva Mortgages.
- Just wanted to know how to precure a consent to let from Godiva Mortgages who I have a mortgage with. There is an outstanding balance of 57k. The value of flat is 110k. Its in my name but my wife and I would like to purchase a two bedroom ground floor purpose built flat in Enfield we have seen together. How do we go about this?
- I am currently in the process of getting a mortgage through Godiva Mortgages - It is possible that in the coming months I may decide to let out the property - how would I switch the homeowner mortgage to a buy to let mortgage?
- I am hoping to fix my residential mortgage with Godiva Mortgages but as a result of my job I might have to go abroad for few years. Will Godiva Mortgages allow and grant consent to let and there be any penalty
- Do you know if there is normally a maximum loan to value amount before Godiva Mortgages will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Godiva Mortgages consent to let Advice
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
If 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
Should the tenure of your property be 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 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 commencing legal proceedings 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 Godiva Mortgages