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.
Questions and Answers: Keystone Property Finance consent to let
- I wish to purchase a second house having recently purchased a garden flat on domestic mortgage. Looking to purchase next year. I have been advised that I may need consent to let from Keystone Property Finance, my current mortgage provider? What is the best way to go about this and procure the permission needed.
- I have been naive in not informing Keystone Property Finance that I’m letting my flat out. In an ideal world I would like to do the right thing with as little consequence as possible. If Keystone Property Finance says yes, is there any way of them figuring out historically that the property was let without consent?
- A friend of mine recently asked for CTL from the Woolwich which they declined because the mortgage had not been in place for six months. I am about to seek consent to let from Keystone Property Finance. Will they adopt the same rule?
- Our existing house in Enfield has probably about £95K equity with a mortgage with Keystone Property Finance. It's a decent family house in a popular area and I think it would rent well. We are probably moving for my partner’s work and were thinking of holding onto the house on as a rental property - would we need to change the loan to a buy to let product or can we get consent to let from Keystone Property Finance?
- We have a owner-occupier mortgage with Keystone Property Finance and are deliberating on obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Before we apply We would be interested to know the repercussions if any of making the change and any facts that we need to be aware of.
- My wife and I want to let our house out and use the rental income to pay rent on a house in Islington. What are the chances of being given consent to let by Keystone Property Finance without being forced into a new rate.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Keystone Property Finance. My property is worth approx £200k and owe £85k on it. Will Keystone Property Finance increase my mortgage rate?
- Are you aware of any flexibility in the accepted equity ration before switching from an existing Keystone Property Finance mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Keystone Property Finance consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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