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Need professional advice for your consent to let with Magellan Homeloans? 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 Magellan Homeloans consent to lease
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Having endured living in a rough area for 3 years now, we are now looking to move. As selling the property will result in early repayment charges to Magellan Homeloans of £2500, we considered that it would be sensible to rent it out. So, we need to obtain a consent to let from Magellan Homeloans only a year. What can I do to get consent?
- We I have a residential mortgage with Magellan Homeloans but I would like to occasionally let the property out on AirBnB....do I need consent to let from Magellan Homeloans?
- My brother is intent on letting his apartment out in the absence of consent to let via his mortgage provider Magellan Homeloans. He has been on an interest only mortgage for about five years now. Currently owes £99k, having purchased the flat for around £110k. If he lets the flat out privately, exactly what sanctions does he risk?
- Our current property in Ealing has probably about £120K equity with a mortgage with Magellan Homeloans. It's a 3 bed house in a popular location and I think it would rent easily. We are possibly moving for my partner’s work and were considering keeping this house on as an investment property - should we be swapping the mortgage to a buy to let product or can we get consent to let from Magellan Homeloans?
- Do you know if consent to let is something that Magellan Homeloans offer?
- Were I to let my house out with consent to let from Magellan Homeloans will will theyjack up the interest rate? I am currently on a standard variable rate.
- We are about to buy a place and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the rules are on consent to let from Magellan Homeloans? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- What happens if I have already leased out the property for some years as an HMO and now want to go legit with Magellan Homeloans by getting consent to let ? (assume Magellan Homeloans had previously given a standard mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Magellan Homeloans 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
One thing to remember when arranging a consent to let mortgage with Magellan Homeloans 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 Magellan Homeloans