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
- I am about to contact my lender Manchester Building Society setting out the following reasoning for my request for consent to let ; "I am having difficulties with the monthly mortgage amount and wish to move back with my parents but can't sell. I am very concerned by failing to make payments and have thought about returning the keys. If you issued consent to let that may solve things." What are the chances that this will convince them to grant me consent to let?
- I have a shared ownership home in Newham and will be looking to buy out the rest of the property. However, within the next six months I may be working abroad for a short period of time so would like to know what approach Manchester Building Society take to consent to let as I am considering a remortgage with them. I am not sure if a mortgage can be obtained on my property but as an aside can you provide further advice on their consent to let policy?
- Can you advise if an ERC would qualify as a deductible expense to be offset against tax for a BTL property? About a year ago I was going to apply for consent to let from Manchester Building Society on my flat but I ended up switching mortgage provider to get a BTL mortgage. I had to pay an early redemption penalty as I was still in a fixed rate period.
- I have a apartment in Lambeth with a Manchester Building Society mortgage but have not lived there for a while. My dad moved in but is there rent free. I currently live in rented premises and am looking to buy a house. I have identified a perfect property at reasonable price. I have sufficient for a deposit to use on the house I am interested in but would be a financial strain to pay enough off the old property to change it to a buy to let mortgage at the same time. Can I transfer the current Manchester Building Society mortgage for my old property into a consent to let and use my savings to pay a larger deposit for the residential mortgage on the property that I want to buy?
- It would be helpful to know if Manchester Building Society are likely to grant consent to let out our home in Lewisham
- I am looking for some generic information on consent to let. I already have a mortgage in place with Manchester Building Society. I have had licence to temporarily rent out my GFF from the freeholder of the block and they asked if I have consent to from Manchester Building Society.
- 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 rent the property out - how would I swap the FTB mortgage to a buy to let mortgage?
- We have an cottage in our garden. Do we need consent to let this from Manchester Building Society? If so, what is the process if I would like to change my mortgage to consent to let?
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 information
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
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 conditions are not complied with you may be in violation of 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 commencing legal proceedings 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