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Need professional advice for your consent to let with Keystone Property Finance? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Keystone Property Finance consent to lease
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The tenants for my property have asked for evidence of my ‘consent to let’ from Keystone Property Finance, my mortgage lender. Is this normal?
- I have a residential property but I am moving with my girlfriend to a different location for work purposes and moreover close to her university. Im keen retain the house but not sure I can afford a buy to let rate. It will only be temporary -two years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Keystone Property Finance. Is there a chance I won't be approved for consent to let?
- My flat has a mortgage against it with Keystone Property Finance and I have been letting out the property minus consent to let, making me in contravention of my mortgage Ts and C’s. They may have suspicions that I am not living there. Is my only option is to dispose of the apartment before repossession?
- I own a home that's presently under shared ownership (My share is 50per cent) purchased in July 2013. I am currently going through the full purchase of the house. Me and my wife have also got a second house that we are looking to purchase. Mortgage in principle has been issued by Keystone Property Finance. I would like to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new house
- My husband and I have already been told to write a letter to Keystone Property Finance to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Will Keystone Property Finance want to know why I am applying for consent to let? Should I disclose my potential move overseas?
- My GF is in the process of buying a new property in Bexley and is getting a good deal as it requires some work done. We want to rent our current property for two years and then return. Is there anything in the Ts and Cs of my Keystone Property Finance mortgage to say I can let it out or do I require specific consent to let?
- I took a mortgage with Keystone Property Finance but am informed they have a stipulation that they refuse to issue consent to let the property to a housing association. Is this correct and if so, is there a way to bypass this?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Keystone Property Finance consent to let information
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
One thing to remember when arranging a consent to let mortgage with Keystone Property Finance 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 standard 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
Should the tenure of your property be leasehold, the lease may prohibit 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Keystone Property Finance