Need Help?
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.
Frequently asked questions relating to Godiva Mortgages consent to lease
- Westminster apartment valued at £150k. Remaining mortgage £30k with 5 years left. Obtain consent to let from Godiva Mortgages for current flat and make use of rent to pay off what is left of mortgage. Apply for 65 % Godiva Mortgages mortgage on second property that I will consider to be my primary address? Is this possible?
- In the coming months I plan to move house and I am wondering if I can get consent to let on my property then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then rent my property out once I move. Is it likely that Godiva Mortgages grant consent to let for 12 months if they know I am looking to purchase a further property or only where one is relocating short term for career reasons?
- I understand that this is a breach of Godiva Mortgages terms and conditions of mortgage if I let out my flat having informed that I intend to reside there. The plan is to have the mortgage fully paid off after five years, by which time I will become the outright owner, meaning I no longer require any consent to let. Godiva Mortgages advised me I can overpay as much as I like during the agreement. I have someone who wants to rent the property. What checks do Godiva Mortgages do and what are the chances that they are likely to do this? What are the consequences of not obtaining consent to let? From what I have read there is a possibility of Godiva Mortgages transferring my loan onto a BTL mortgage
- My partner and I currently live in Melbourne and letting out our flat in Havering. This was unplanned but an opportunity came up and we took it. The rent we make on the apartment is insufficient to cover the mortgage so we send back funds each month to cover the difference. Earlier today our lender got in touch telling me that because the property is being let out and has been for nearly two years we will have to pay 1.5% interest in addition to our current mortgage rate. One option would be to sell the apartment but this will be difficult as I am on the other side of the world. Would it be possible to remortgage with Godiva Mortgages and get consent to let?
- I have to send the consent to let form by courier and wanted to know if Godiva Mortgages have a regular postal address I can use as couriers ordinarily don’t accept deliveries to PO Box numbers.
- I took a homeowner mortgage with Godiva Mortgages and with my circumstances changing massively in the last three months, can I obtain consent to let. What changes will affect me?
- I have a house in Hounslow. I would like remortgage with Godiva Mortgages and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if it would trigger the penalty payment?
- Do you know whether Godiva Mortgages will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Godiva Mortgages let me raise capital based on the rental income ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Godiva Mortgages consent to let Advice
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 Godiva Mortgages 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Godiva Mortgages