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.
Recently asked questions relating to Magellan Homeloans consent to lease
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My lender has placed me in a difficult predicament with a Consent to Let mortgage. Having sought consent to let the lender has asked me to provide them with an executed Assured Shorthold Tenancy as a prerequisite to granting consent. If I get a signed tenancy agreement would I not be breaching the terms of my existing mortgage?
- I'm currently locked into a rental contract until November and am buying an apartment. Would my mortgage provider Magellan Homeloans have an issue with consent to let until my tenancy finishes and then moving in?
- Since we are relocating and failing to find a buyer for our property, we are mulling over letting it out. Am I required to advise Magellan Homeloans? If we do, I think they will want to change our mortgage to buy to let and increase rate which we can't afford. I thought if you continued making my monthly payments it shouldn't be a problem, but am now concerned about insurance ramifications if I have let my property out on the sly. Any advice?
- The likelihood is that I will have the opportunity to work overseas in a couple of years. I am therefore thinking of scaling down to a newer apartment in Redbridge which I could rent out with less difficulty as and when required. The intention is to keep 50% equity in the new flat which would be my home for a while. My current lender will only grant consent to let for a year. I anticipate renting it out longer term and not informing them could land me in a whole heap of problems. B2L seems inappropriate when I will be living there, maybe for 2-3 years initially. What product do I ask for, and from whom? Would, for example, Magellan Homeloans issue consent to let for more than a year?
- I want to fill a consent to let form for permission to rent from Magellan Homeloans, where do I get it from?
- It would be helpful to know if on the balance of probabilities Magellan Homeloans will grant consent to let out our house in Newham
- Me and my partner and I would like to obtain consent to let on a house where we have a mortgage with Magellan Homeloans. If issued, how long would consent be given for? In seeking consent to let from Magellan Homeloans are we running the risk of them forcing us to change deal to buy to let
- I am interested in consent to let for my house mortgaged with Magellan Homeloans. How do I move forward? Do I have to call Magellan Homeloans and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Magellan Homeloans