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Need professional advice for your consent to let with Halifax? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Halifax consent to let: Q and A’s
- My residence worth £95k. Halifax mortgage owing £18k with 5 years left. Apply for consent to let via Halifax for current residence and make use of income to pay off the last few years of mortgage. Take out 75 per cent Halifax mortgage on further flat that becomes my primary home? Any reason not to do this?
- I have a Halifax mortgage and have been letting out my apartment omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. I think that they have found out that I am not residing there. What negotiating options are available if I fail to sell it before they become aware I am in breach of my conditions?
- I remortgaged with Halifax recently, borrowing extra with the intention of doing a loft conversion. That extension has proved not to be possible and I now intend to purchase a 2nd property as my main home and lease the old property out with consent to let. Is that likely to open up a can or worms?
- Since we are relocating and unable to find a buyer for our property, we are mulling over letting it out. Am I required to advise Halifax? If we do, I think they will want to change our mortgage to buy to let and increase fees etc which we can't afford. I was hoping that if I continued paying on time it shouldn't be an issue, but am now concerned about insurance implications if I have let my property out on the sly. Any feedback?
- How much of my mortgage allowance will be made available to borrow if I change my mortgage to a consent to let with Halifax?
- My wife and I would like to move home and have identified a property we wish to purchase so are considering leasing out with consent to let from Halifax for our current property to enable us to place an offer and not lose the potential new property.
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way Halifax would allow it from the start?
- Just wanted to know what needs to be provided to Halifax in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another house with my girlfriend.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Halifax consent to let Questions and Answers
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
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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Halifax your property may be repossessed