Need Help?
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.
Examples of recent questions relating to Magellan Homeloans consent to let
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Can Magellan Homeloans choose to operate a right to put a loading on my interest rate on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL loans'?
- A few months ago I rented out my garden flat and have gained a Consent to Let with my building society. Six months have now elapsed and they have loaded my payments as previously advised. I am unable to port to a preferable product with them, as they will revoke my consent to let. If I was to go with another provider such as Magellan Homeloans, would I need to apply for a Buy To Let loan or could I just remortgage and secure consent to let?
- I have a flat in Croydon with a Magellan Homeloans mortgage but have not lived there for a while. My dad moved in but pays no rent. I currently live in rented accommodation and am keen to buy a house. I have found an ideal property at reasonable price. I have enough of a deposit to use on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a buy to let mortgage simultaneously. Can I switch the current Magellan Homeloans mortgage for my old apartment into a consent to let and use my savings to pay a larger deposit for the homeowner mortgage on the property that I am looking to purchase?
- I am planning to apply for consent to let from my current mortgage provider Magellan Homeloans. A colleague of mine said that she was granted ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- My wife and I are 12 months into a three year domestic mortgage with Magellan Homeloans. Just enquiring whether it's ok to lease out the property on my existing mortgage. Will Magellan Homeloans grant consent to let?
- Hi, what documents or paperwork would Magellan Homeloans require for a consent to let letter?
- How do I go about procuring consent to let by Magellan Homeloans? Are there certain requirements such as you have to have owned the property for a year before its granted?
- Will I need consent to let from Magellan Homeloans if I am intending to reside in the apartment myself for half of the year? Furthermore if I receive consent to let for a period of time, say up to 2 years, what happens after that.
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 Advice
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings 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