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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.
Magellan Homeloans consent to let: Q and A’s
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I'm about to get in touch with Magellan Homeloans to obtain consent to let out my home in Magellan Homeloans. However the property has been on with agents for 5 weeks but there without a sniff of interest and forking out for a full mortgage, council tax and insurance on vacant house is exhausting my finances. What approach would Magellan Homeloanstake if I have the house on the market?
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I am in a difficult predicament with a Consent to Let mortgage. Having sought consent to let the bank has requested that I produce an executed AST as a prerequisite to granting permission. Is is not the case that if I adhered to their request that I would be violating the lender’s terms and conditions?
- If I were to rent out my 2 bed flat with consent to let by Magellan Homeloans, what evidence would be required of the letting? If after 1 year I decided to let it on a number of short term lets, am I still required to provide evidence to Magellan Homeloans, or will they leave me alone as long as they receive payment each month? For example if I rent the rooms out separately at a later stage, is there any reason for Magellan Homeloans to know and would they take issue?
- I purchased a house 3,two years ago in Sunderland when I worked locally. I got a promotion which requires working in Wimbledon. I drive down on Saturday morning and live with a relative during the week. I am now thinking ofmoving home to avoid the commute. I am deliberating the possibility of renting out my existing home. My mortgage is with Magellan Homeloans, would I have to change my mortgage deal or do I apply for consent to let?
- I have a letter to Magellan Homeloans requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- Are you able to help? I am just curious if Magellan Homeloans offer consent to let as an option if I decided to let out my property under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- We are looking to place our matrimonial home on rent due to job commitments and was curious if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Magellan Homeloans at the moment until 2018 December
- I was just wondering if there are any charges in obtaining consent to let on a freehold property when I have a mortgage with Magellan Homeloans
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with 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 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