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Need professional advice for your consent to let with Manchester Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Manchester Building Society consent to let: Q and A’s
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We've been renting my wife's old house out with "consent to let" from Manchester Building Society on a regular mortgage for the last two years. Manchester Building Society have now advised that they are revoking consent to let unless we convert to one of their "buy to let" mortgages.
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We have an existing mortgage with Manchester Building Society and wish to clarify if it would be possible to gain consent to let out our maisonette in Hackney.
The reasons(s) for needing to find tenants for the property are as follows: -
- My family and I will be moving to Hong Kong early next year.
- By renting out the property this will facilitate savings to assist with the migration process.
- It would be pointless from a financial perspective to pay outright for a property which we are no longer living and by renting out the property this would be viewed as continuing investment.
If Manchester Building Society granted permission to us for renting we would suggest some financial assurances which are as follows: -
- Maintain paying the monthly mortgage payment directly from my bank account.
- Use an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our forwarding address for when we emigrate.
- My partner and I might have to rent his studio flat out. I realise that I must obtain consent to let by Manchester Building Society. We plan on joining a landlord association if we go ahead and let the flat, but do you have any opinions on which is the best? We've come across the RLA and National Landlords Association.
- For a couple of years now I have had a mortgage with my fiance on our flat which is up for renewal 31st May. I am having to relocate to Oxford with work in November. What are the chances of being able to move to a consent to let mortgage with Manchester Building Society?
- I am looking to get consent to let on my Southwark flat from Manchester Building Society. I will be going abroad for 10-12 months and so want to know if I can let my apartment
- Will Manchester Building Society choose to exercise a right to switch the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Can one refinance on a consent to let with Manchester Building Society?
- I am looking into the option of renting out my flat with consent to let from Manchester Building Society whist away travelling for a few months
- We are interested to find out more regarding consent to let from Manchester Building Society. Would an acceptable reason be issues with neighbours and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Manchester Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Manchester Building Society 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 standard 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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger 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 Manchester Building Society