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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.
Questions and Answers: Magellan Homeloans consent to let
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Frank (my fiance) and I may need to lease our Havering home temporarily due to a new job. This will be short-term but perhaps for 6 years. Should I tell Magellan Homeloans or do I remain silent?
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I’d appreciate your advice if you have had experience applying for Consent to Leasefora year from Magellan Homeloans or if you have any advice as to how such consent is gained.
- What is the maximum period of time allowable to Magellan Homeloans that I would be able to let my property before having to change mortgage or sell my property? In essence, my boyfriend has asked me to move in with him and I really don't want to sell my house. I would like the comfort of knowing I still have my own home.
- I took out a homeowner mortgage with Magellan Homeloans last December and then had to relocate due to my job, I am now looking to letting my property out for a year whilst I am abroad. Am I able to get a consent to let from Magellan Homeloans, and what effect would this have?
- Will Magellan Homeloans want to know my reasons for seeking consent to let? Is it wise to disclose my possible relocation abroad?
- I'm wanting to know the criteria for consent to let from Magellan Homeloans and what fees are to be incurred. I've moved in with my wife and have a friend renting from me.
- I have spoken to someone at Magellan Homeloans about switching our current mortgage to consent to let (the current fixed rate ends in june next year). Can I just confirm that I need to formally put the request in writing explaining our change in circumstance to Magellan Homeloans? Where do I need to send the letter to?
- What are the implication if I have already let the property for a number of years as an HMO and now want to legalise the situation with Magellan Homeloans by getting consent to let ? (work on the basis that Magellan Homeloans had in the past given a residential mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to 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
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 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Magellan Homeloans