Need professional advice for your consent to let with Hinckley and Rugby Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My better half and I will move back to Dubaiin Month, possibly short-term but conceivably longer term. I'm in the process of writing to Hinckley and Rugby for consent to let out the home in Hinckley and Rugby. The mortgage has been in place with Hinckley and Rugby for Six years and the account is up to date with no current arrears. Hinckley and Rugby advise, that even if they grant consent to let, that this will be limited consent for a single year. After the year is up what happens next?
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.
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 may trigger your insurance becoming invalid. 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
If your property is leasehold, the lease may prohibit 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.
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.