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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
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I have a homeowner mortgage over my residence in loc with the intention of relocating overseas to country for a couple of years. During this time frame it would be ideal if I could lease out my house. My mortgage provider refuses to issue a consent to let. I wish to avoid taking out a buy to let loan as it’s only for a short period that I am abroad for.
- I have a shared ownership home in Camden and will be looking to buy out the rest of the property. However, in the future I may be working abroad for a short period of time so would like to know what approach Halifax take to consent to let as I am considering a remortgage with them. I am not sure if a mortgage can be obtained on my property but as an aside can you provide further advice on their consent to let policy?
- How likely are Halifax in giving Consent To Let on a 2 bed flat? Agents have had it on the market for a couple of weeks. I need to sell but I'm mindful that given the lack of interest I will have to get a tenant in to cover the mortgage to Halifax (I no longer live at the address). My preference is to come clean with Halifax than do it on the sly but I'm not sure how accomodating they will be.
- Me and my partner hope to buy a house together. Intention is for me to get consent to let my flat from Halifax. Thinking further ahead - when my two year fixed comes to an end - how would it work if I sought to remortgage then?
- As of today I have a mortgage with Halifax. I am considering renting and purchasing another property but this is all new to me. What is the procedure for consent to let?
- Do you know whether Halifax will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Halifax let me raise capital based on the rental revenue ?
- Me and my husband have had my mortgage with Halifax since 2005 and always made payments If I sought consent to let would it be granted?
- I currently have a residential mortgage with Halifax and plan on letting due to work being based in Manchester. In asking for consent to let from Halifax do I run the risk of them forcing me to change deal to BTL
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Halifax consent to let Questions and Answers
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 notify them could trigger your insurance becoming null and void. 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 trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Halifax