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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
- Are you able to providing me a little info on what the process is for applying for content to let, what do I need to do. I am thinking about taking a Godiva Mortgages mortgage on a £350,000 house in six months time. The aim would be to hold the house as a second home but I would like to know what options there are to let the property in the future. If our circumstances were to change the property would either be sold or let out.
- I've been provided with a career opportunity overseas and wondering if it's worth leasing my property out. Will Godiva Mortgages allow me to change mortgage or grant consent to let? If not I will have to think about whether it's worth taking the job. I wouldn't mind paying more as I intend to come back and live in my home after 1 to 3 years. My agenda here is not to profit. Just love my house and wish to return to it one day.
- Am I required to notify Godiva Mortgages of my intention to rent a shed out on the grounds of my property. Can you shed any light on this? I am seeking independent advice on the insurance, legal and tax side of things .
- I am planning to rent out my flat for 12 months from 5th October next year. Is there conventional wording for a letter I can use to send to Godiva Mortgages to apply for consent to let.
- We are looking for some preliminary insight re consent to let? We have a mortgage with Godiva Mortgages and are considering leasing the property out for two years, but cannot really afford to switch to a buy to let rate. The estate agent mentioned something about a content to let
- Just wondering if I would be able to get consent to let from Godiva Mortgages in order to move back to my parents for a year or two and conserve some money to extend the lease on my flat?
- I have a domestic mortgage with Godiva Mortgages which is only seven weeks long but I have been relocated with work. How easy is it to get consent to let from Godiva Mortgages for a mortgage that has only recently started and I have just bought the property?
- Do you have the address to which a Consent to Let request to be sent for Godiva Mortgages? Sorry about bothering you with this query.
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 information
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
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 lease may prohibit 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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