Need Help?
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.
Common questions relating to Halifax consent to lease
- I have a mortgage with Halifax however my husband and I will be relocating to Australia in January. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- The likelihood is that I will have the opportunity to work abroad in a couple of years. I am therefore possibly downsizing to a newbuild flat in Lewisham which I could rent out more easily when the time comes. I would aim to retain 50% equity in the new apartment which would be my home for a while. My current mortgage co will only grant consent to let for 12 months. I suspect renting it out longer term and not informing them could result in a whole heap of legal issues. BTL seems unnecessarily expensive when I will be living there, perhaps for 2-3 years initially. What product do I ask for, and from whom? Would, for example, Halifax issue consent to let for an open ended period?
- My fiance and I are intent on buying a house, letting two of the bedrooms out to help cover the mortgage with Halifax, and then moving on in two or three years - when the property would be fully rented. How likely is it that Halifax would look at this unfavourably as I will have been issued with a domestic homeloan rather than a B2L or consent to let? I've read that in extreme situations they can sue for mortgage fraud, is this true?
- We are planning to lease out my house for 12 months from 10th August next year. Is there conventional wording for a letter I can use to send to Halifax to seek consent to let.
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Halifax to allow us to get a mortgage also with Halifax for a new home?
- I am after further information in relation to consent to let mortgages, potentially transferring our existing mortgage with Halifax over to a consent to let one.
- I am currently in the process of applying for a mortgage through Halifax - It is possible that in the within months I may decide to let out the property - how would I switch the FTB mortgage to a buy to let mortgage?
- I have fixed rate mortgage with Halifax. I may have to rent out my property due to necessity. If I apply for consent to let, will I have to pay a lot more interest?
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 Info
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 Halifax 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
If your property is 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 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