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.
Top Five Questions relating to Manchester Building Society consent to lease
- Is it permissible to let out our house without consent to let from our lender? I appreciate that at the time we signed a contract saying it wouldn't be a buy to let property and that we don't own other property. I know you can't use help to buy if you owned other premises at the time, but what about property after the event? Can one purchase a further property, or inherit a property?
- Last month I received consent to let on a homeowner mortgage with Manchester Building Society with a view to changing to a buy-to-let rate when the fixed term ends in a few months' time, so I'm uncertain if this adds to the complexity of the issue! Any guidance gladly appreciated.
- Is it possible? I have a Manchester Building Society mortgage on my property (with quite a bit of equity). I want to purchase and live in a second house but keep my old house and rent it out. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I'm six months into a two year fixed mortgage with Manchester Building Society. The LTV is only 40%. I've come across a really good deal on a maisonette in Southwark which I don't want to miss. It seems the only way to purchase the other property is to release most of the remaining equity. I'm thinking of letting the current home which would adequately cover the homeloan with Manchester Building Society. Is it possible to obtain consent to let from Manchester Building Society and and then seek an equity release after it's rented?
- Were we to ask for a consent to let letter by Manchester Building Society will we be forced to change to buy to let mortgage? We are with Manchester Building Society and as properties are not selling at the mo and we have seen one we like we were leasing our home out in order to acquire the new and sell this one when the local market picks up.
- What is the longest period that Manchester Building Society is willing to grant me the Consent To Let for?
- My marital situation has changed, and I wish to let my place out - meaning consent to let- I have about £200K loan with Manchester Building Society and currently 90k equity I need to side-step the redemption penalties.
- My wife and I may want to lease our home temporarily due to a new job. This will be for a limited period but perhaps for twoyears. Should I tell Manchester Building Society or it is wise to keep schtum?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Manchester Building Society consent to let Info
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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Manchester Building Society