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.
Questions and Answers: Manchester Building Society consent to let
- Hi, I have a mortgage on a flat with Manchester Building Society and I am thinking about renting the property out. Can I do this without changing to a BTL or obtaining consent to let from Manchester Building Society?
- I have had consent to let by Manchester Building Society for a while now yet they now wish to speak to me and I suspect their plan may be to rid themselves of me. Can you help?
- I need to see if I can receive consent to let on my current home. I have a mortgage with Manchester Building Society but my situation has changed. I'm about to move in with my partner and son who have a house and is larger than my 1 bed apartment. I am unlikely to qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn more than £25000 per annum.
- Would a mortgage Early Redemption Charge be tax-deductible on Buy to Let flat? Last year I was going to apply for consent to let from Manchester Building Society on my flat but I ended up changing mortgage provider to get a BTL mortgage. I had to pay an early repayment charge as I was still in a fixed rate period.
- I am looking to Manchester Building Society to issue me with consent to let out my studio flat in Hounslow. I am moving in with partner, cant sell property
- My OH and I are looking at new mortgages and also exploring the possibility of renting the property in the years to come - Is there a charge with Manchester Building Society to receive consent to let and what are the requirements?
- I was just wondering if Manchester Building Society were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I'm applying to change mortgage provider to Manchester Building Society for a fixed rate but the likelihood is that I will need to rent the property out for about 12 months. Do Manchester Building Society consent to let on fixed rate home loans and if so, what are the costs.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
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
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 conditions are not complied with 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 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