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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
- I currently have a mortgage with Keystone Property Finance and I am thinking of buying a property with my fiance. It's her council house on a right to buy scheme. Will I be able to switch my Keystone Property Finance mortgage to rent out my existing property in Hounslow even though the property is currently in negative equity.
- I need to decide what to do ie let or sell. I have a Keystone Property Finance mortgage on my house (with fair amount of equity). We are planning to move out of Leeds and if at all possible wish to rent out our house with consent to let from Keystone Property Finance and use the income from that to help secure a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- My fiance and I wish to be informed of what the policy is for Keystone Property Finance for consent to let. I have heard differing suggestions in relation to charges and rates. I need to move area for work but can not sell the property due to a depressed market.
- Me and my husband are in a tricky mortgage scenario currently. We have to rent our flat with consent to let and move to a different location to be nearer to my parents. We are about to rent a home. We are finding it extremely difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- I’ve 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?
- Do you know if Keystone Property Finance would have archive records as to whether consent to let was granted for a specific property?
- I have fixed rate mortgage with Keystone Property Finance. I may have to lease out my house due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
- Not sure if you can help What do my wife and I need to do to obtain consent to let from Keystone Property Finance? And what are the charges?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Keystone Property Finance 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
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 could result in 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
Leasehold properties
Should the tenure of your property be 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Keystone Property Finance