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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.
Top Five Questions relating to Manchester Building Society consent to lease
- I have a colleague who is thinking about leasing their property out and moving in with partner. She has a house in Croydon and has a £95k home loan with Manchester Building Society. What would she need to do to get consent to let if she decides to proceed.
- I am looking to move and let out my garden flat in Camden. Having bought it in June 2009 and currently on a high ltv there is little equity in it. My mortgage is with Manchester Building Society. Do you know where Manchester Building Society stand when it comes to consent to let?
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We have an existing mortgage with Manchester Building Society and wish to clarify if it would be possible to receive consent to let out our 2 bed flat in Croydon.
The reasons(s) for wanting to find tenants for the property are as follows: -
- Me and my wife will be moving to Melbourne in 3 months.
- In renting out the house this will facilitate savings to assist with the migration process.
- There is little merit from a monetary point of view to pay off the mortgage for a property which we are not living and by renting out the place this would be deemed as continuing investment.
If Manchester Building Society granted permission to us for renting we would propose some financial commitments which are as follows: -
- Continue to pay the monthly mortgage payment directly from my current account.
- Use an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our forwarding details for when we relocate.
- We would like to know what the criteria is for Manchester Building Society for consent to let. I have heard various suggestions in relation to fees and rates. I need to move area for career reasons but I don't want to sell the house due to a difficult market.
- I am thinking of renting my flat will Manchester Building Society charge me for a consent to let letter?
- I have Manchester Building Society mortgage and am considering letting the property. I am lead to believe that I would require consent to let to do this...is that right ?
- We wish to move home and have found a house we wish to purchase so are considering leasing out with consent to let from Manchester Building Society for our current property to allow us to place an offer and not lose the potential new house.
- Me and my husband and I would like to obtain consent to let on a house where we have a mortgage with Manchester Building Society. If granted, how long would consent be given for? In asking for consent to let from Manchester Building Society are we running the risk of them forcing us to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
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 regular 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
If your property is 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 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
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Manchester Building Society