Need Help?
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.
Recently asked questions relating to Keystone Property Finance consent to lease
- Under what conditions will consent to let for a property be granted from Keystone Property Finance? How long do you have to have had the mortgage before consent to let can be negotiated with Keystone Property Finance? By way of background:We were living in a very small apartment which is too small for us, my wife is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I would be interested in obtaining consent to let in the first instance in order to renting the property out to cover the costs of the Keystone Property Finance mortgage.
- My partner and I are first-time buyers, currently renting. We would ideally like to buy a ground floor flat in Merton. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we need to seek a buy-to-let mortgage? Could we have a domestic mortgage with Keystone Property Finance, because we intend to move there soon? Or could we reside there for a short period of time , then start renting it with consent to let from Keystone Property Finance? I'm only evaluating suggestions that are entirely legitimate, and have no intention of breaching the provisions of the Keystone Property Finance mortgage.
- My plan is to let my studio flat out from mid Nov next year as I will be travelling for a few months. I have a residential mortgage with Keystone Property Finance. I will not be letting for more than six months. Most likely it will be 4-5 months. I have been told to get permission from my freeholder first? Please can you advise what I should be doing in what order?
- My husband and I took a mortgage out on a garden flat last December however I will be working outside of commuting distance of Merton for the foreseeable future but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do plan to return to Merton so would like to keep it. How difficult is it to get consent to let from Keystone Property Finance and what will it cost me ?
- Just curious as to whether it is possible if you own one property with consent to let from Keystone Property Finance, to buy a second with a homeowner mortgage to live in. Then once the consent runs out on the first property, to change to buy to let or sell it?
- We have a mortgage with Keystone Property Finance on our garden flat in Lambeth. We are hoping to buy a new house to move into. How do I move my current mortgage on to consent to let?
- My mortgage has been with Keystone Property Finance for six years. I would like to apply for consent to let my property. I have been waiting for Keystone Property Finance to get back to me. Are you able to please check and help?
- Do you know whether there a time limit on a consent to let from Keystone Property Finance? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Keystone Property Finance consent to let Advice
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 regular 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 terms are not adhered to 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 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.
If you do not keep up the payments on your mortgage with Keystone Property Finance your property may be repossessed