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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.
Common questions relating to Magellan Homeloans consent to lease
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Magellan Homeloans have just granted me consent to let. After some effort, Magellan Homeloans have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- I have been foolish in failing to advise Magellan Homeloans that I’m renting my ground floor flat out. The latest tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Magellan Homeloans, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- My plan is to let my ground floor flat out from the end of June next year as I will be travelling for a few months. I have a residential mortgage with Magellan Homeloans. I will not be letting for more than four months. Most likely it will be 4-5 months. It has been suggested that I get consent from my freeholder first? Please can you suggest what I should be doing in what order?
- I have a two year fixed rate mortgage with Magellan Homeloans which began in April. I will be moving out in in two months and have students ready to lease my flat. I need to get a letter from Magellan Homeloans granting consent to let until my term is up to allow me time to move onto a BTL. How do I go about this?
- When it comes to consent to let from Magellan Homeloans am I supposed to advise them each time we get a new tenant and send them a duplicate of the tenancy?
- I have a mortgage with Magellan Homeloans at the moment and just wondering if there any costs for obtaining consent to let
- We took out a mortgage with Magellan Homeloans a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to rent our house out. Would this be possible with a residential mortgage?
- Are you able to clarify what the process would be if we move to a second house and need to obtain consent to let for our existing mortgage with Magellan Homeloans
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Magellan Homeloans consent to let Questions and Answers
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 notify them may trigger 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
If your property is leasehold, the lease may prohibit 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 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.
If you do not keep up the payments on your mortgage with Magellan Homeloans your property may be repossessed