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Need professional advice for your consent to let with Harpenden Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Harpenden Building Society consent to let
- My husband and I have a standard variable rate mortgage with Harpenden Building Society. This has been in place for two years. We are potentially letting out our property and renting in an area near our daughter’s school until we find the right house to purchase. Do Harpenden Building Society usually grant consent to let and do they load up the mortgage rate?
- My husband and I were intending to buy a garden flat with 30k deposit with the intention of moving in. Somewhat fortuitously the in-laws plan to move abroad In the event that we go ahead with a residential mortgage with Harpenden Building Society would we likely encounter any difficulties with obtaining consent to let ?
- I have just received a mortgage offer with Harpenden Building Society. With any luck I will complete in the next few weeks, however it looks as though I may be posted overseas for work. How likely is it for me to get consent to let from Harpenden Building Society shortly after drawing down on the mortgage. Do I have any other options?
- I currently have a mortgage with Harpenden Building Society and the LTV is currently 60% with the Harpenden Building Society current book value and I'm looking to buy a further property but do not want to sell my existing property at the current market value. I have consent to let from Northern Rock on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Harpenden Building Society need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- If I let my property with consent to let from Harpenden Building Society will will theybump up the interest rate? I am currently on a standard variable rate.
- Just wondering if if consent to let would be forthcoming from Harpenden Building Society enabling me to move back to my parents for 12 months and save the money to extend the lease on my property?
- I'm possibly going to Hong Kong for a year with work. Planning on taking my partner with me and hoping to rent our Hillingdon property in the meantime on a short term basis to make things more cost effective. I was just enquiring whether Harpenden Building Society currently allows consent to let
- Is there discretion in the accepted equity ration before transferring from an existing Harpenden Building Society mortgage to a consent to let?
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Caveats to be read in in addition to the above Harpenden Building Society 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
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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Harpenden Building Society your property may be repossessed