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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.
Top Five Questions relating to Magellan Homeloans consent to lease
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What options are open to me if my request for consent to lease is turned down by Magellan Homeloans?
- Next month I will be moving to Dubai. Rather than sell my house, I would like to lease it out, just in case things don’t go as expected. My existing mortgage is with Magellan Homeloans. If I looked to remortgage would a new provider view this as me seeking to avoid a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence turn down my request for Consent to Let?
- I own a one bedroom apartment but I am seldom there, exploring the possibility of renting it out. My mortgage is with Magellan Homeloans, would I have to move onto a new mortgage deal or do I try to get consent to let?
- My husband took out a fixed rate mortgage with Magellan Homeloans for 2 years and have been living in the flat for about eighteen months. Due a job opportunity abroad I need to leave so I would like to rent the property out. How can I get consent to let from Magellan Homeloans?
- I'm having to move to the US for a couple of years for my job but I don't want to convert the mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Magellan Homeloans charges additional interest? Is there any way around this?
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Magellan Homeloans. Will any consideration be given to the fact that I only took out the mortgage four months ago?
- My wife and I have four months to remaining on a two year residential mortgage with Magellan Homeloans but now let the house out. Can I assume they will just charge a set fee for consent to let?
- I may potentially need consent to let from Magellan Homeloans in the future with work. I am just checking what the options would be if this was the case. Is there a limit on the length you can let out a property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Magellan Homeloans consent to let information
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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Magellan Homeloans your property may be repossessed