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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.
Questions and Answers: Keystone Property Finance consent to let
- Last year we bought our council house, in Wandsworth,recently valued at £240k. It's completely paid for from our own finances, unencumbered. We are prohibited from selling (without repaying back a significant amount of the discount) before five years have gone by. Regardless, we want to keep it as a investment property to rent out. We wish to release some equity via a Keystone Property Finance mortgage. Will consent to let be given?
- I have a Keystone Property Finance mortgage on a flat I own, in Enfield. Last month, resulting from a change in my circumstances I decided to let out this flat, and rent an alternative property in a different area within same loc. The state of affairs that changed is that my partner moved in, and the flat is not big enough for us. I do not wish to dispose of the flat because the current market value is 20% less than when I bought the property in 2005. I applied to Keystone Property Finance for a consent to let which was turned down as they considered that I wanted to invest in the flat. Any guidance would be greatly appreciated, as i am at the end of my tether. There is a sense of urgencyas there is a prospective tenant waiting for this consent to let and could withdraw.Please call me to discuss
- I have been a mortgage holder with Keystone Property Finance for 1999. My divorce was finalised 18 ago put the property in my name by transfer of equity. My situation has changed, I would like to keep my house but live with my new partner, leasing my house out. I have been told by my broker that I can ask for a consent to let from Keystone Property Finance instead of a buy to let mortgage as I haven't purchased the house with the intention of letting it out, is this right?
- I am looking for our family to move to give us all more space. We are thinking about buying another house in a few years time. Our house is worth £155,00 and we have about £65k remaining on the Keystone Property Finance mortgage. We would ideally like to keep this house as an investment property and lease it out with consent to let. Can you have a mortgage on two properties at the same time or do we first need to redeem our current mortgage?
- I am looking to Keystone Property Finance to grant consent to let out my basement flat in Croydon. I am about to commence a PhD opportunity in Maastricht University, Netherlands
- Please can you tell me the circumstances under which Keystone Property Finance would turn down a request for consent to let?
- Are you aware of any discretion in the accepted equity ration before switching from a current Keystone Property Finance mortgage to a consent to let?
- I would like to lease out my flat to be closer to my daughter's uni and take care of my father. How long will the consent to let take to get from Keystone Property Finance? a month?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Keystone Property Finance consent to let Info
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 inform 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 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
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 Keystone Property Finance your property may be repossessed