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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.
Recently asked questions relating to Manchester Building Society consent to lease
- I've got an existing mortgage with Manchester Building Society for almost 18 months and the fixed rate is due to expire. We are looking at extracting equity out of our existing home to allow us to buy a more substantial home and then let out the existing one bedroom apartment. We have had initial advice that we will get a new residential mortgage allowing for consent to let - can you explain what this is?
- In June 2013 I was issued consent to let from my current mortgage provider which is about to run out. I have since been traveling and had my first child. I'm not earning enough just now to pay the mortgage on my own. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I don't think the buy to let will be approved. One option I am considering remortgaging to Manchester Building Society. Are they likely to give consent to let from the start?
- I am thinking of applying for consent to let from Manchester Building Society as my personal circumstances have changed. My stepdaughter was starting university and I felt we would move nearby and chose to purchase a property rather than spend the money on renting. After having bought the house there has been breakdown in my relationship with my my step daughter and she won't live there. Since the whole point was for her and the house location is not particularly ideal for my work I would like to leave and let the house
- I let my apartment last year and didn't tell Manchester Building Society. I have a three year domestic mortgage (healthy equity in it, no arrears) and want to let Manchester Building Society know and get consent to let for the final two years of my mortgage . I am unsure what to do.
- I'd like to know if Manchester Building Society are likely to grant consent to let out our house in Hillingdon
- How simple is it to get a consent to let from Manchester Building Society and what will it cost me? If I want to let out my property for three months how simple is it to chop and change between a owner occupier mortgage and consent to let?
- Would I be able to remortgage to Manchester Building Society from my existing provider, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- I own a residential home. I would like remortgage with Manchester Building Society and either change to buy to let or consent to let. I'm still within the Early Redemption Charge period so not sure if it would trigger the penalty payment?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming null and void. 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 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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