Need Help?
Need professional advice for your consent to let with Habito? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Habito consent to lease
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Having endured living in a rough area for 3 years now, we are now looking to move. As disposing of the flat will trigger a hefty redemption penalties to Habito of £4000, we considered that it would best to rent it out. In the circumstances we need consent to let from Habito only for less than a year. What can I do to get consent?
- I have just been presented with an excellent job opportunity for 6 months overseas. I do have sufficient savings to pay the monthly Habito mortgage yet the buildings insurance stipulates continuous residency in order to be valid. Last winter the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would find it hard to afford repair costs. Will I qualify for consent to let via Habito for a limited period?
- We are expecting any day now a mortgage offer from Habito for a leasehold property. I have applied through Right to Buy. It is a capital and interest mortgage. I wonder what is the main criteria Habito adopt in order to grant borrowers consent to let? Is consent to let based on the rental multiple on a property?
- Just wondering whether Habito perform any checks when seeking a homeowner mortgage, I'm preferably looking to rent the property out and am unsure as to whether I should apply for consent to let. How would they find out if I lease the place out?
- My fiance and I are looking to ask Habito for consent to let out our house in Haringey. We are moving overseas for 2 years and would like to to let it out. I failed to check this out when we took the Habito mortgage, and that was due to the fact that we never anticipated an opportunity like this would come up so was planning on being in the property.
- My lender wont grant consent to let until I have a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I am not certain but I think my friend had a similar issue with Habito.
- I would like to buy a new home but can't afford to sell my current property with a Habito mortgage. Do you know acceptable terms for Habito to issue consent to let? Is getting married and having children a good enough reason to seek consent?
- Are you aware if there is usually a required LTV before Habito will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Habito 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Habito