Need Help?
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.
Recently asked questions relating to Manchester Building Society consent to lease
- I have my one bedroom ground floor purpose built maisonette in Haringey on the market but despite a few viewers there is a lack of interest so far. As a fall back position I am considering leasing out the property if cant find a buyer. I dont anticipate a problem getting consent to let from the freeholder. My mortgage broker has told me that in such circumstances I may be required to switch to a buy to let mortgage yet the chances are that I don't have sufficient equity. What's the worst that could happen if I were to retain the current Manchester Building Society home loan and let the property out on the QT I was told that they can put a marker on you for mortgage fraud once find out. Is that right?
- My brother and I are joint proprietors of a flat in Harrow with a Manchester Building Society mortgage. I want to move out and buy a new property with my fiancee. How do I deal with leasing out my room? Would I require consent to let via Manchester Building Society. My brother will continue to live in the apartment
- We have a flat in Tower Hamlets which we acquired as a new-build about twelve years ago. As childen are growing up we need more space. We've found a house in Wandsworth that we're going to buy and want to keep the flat as an investment to rent out. The mortgage is with Manchester Building Society and we've found a tenant who will pay rent in excess of the monthly mortgage amount. Our question is, can we keep the repayment mortgage with Manchester Building Society so we effectively paying off our loan on the property or do we have to transfer to a buy-to-let mortgage?
- Require some help concerning renting a property and consent to let. Later this year I want to move in with my other half. The council would like to rent my flat for 5 year commitment with rent being paid and maintenance. The flat was purchased with a mortgage by Manchester Building Society. Please advice
- We are intending to change mortgage provider to Manchester Building Society for a fixed rate but during this period will need to rent the apartment out for approximately one year. Do Manchester Building Society consent to let on fixed rate mortgages and if so, what are the procedures.
- 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 Manchester Building Society until 2018 September
- I am currently in the process of applying for a mortgage through Manchester Building Society - I foresee that in the coming months I may decide to let out the property - how would I transfer the 1st time buyer mortgage to a buy to let mortgage?
- I'm interested in more information about consent to let from Manchester Building Society. Would a valid 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.
Information to consider in supporting the above Manchester Building Society 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
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
If your property is 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Manchester Building Society your property may be repossessed