Need Help?
Need professional advice for your consent to let with Mansfield Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Mansfield Building Society consent to let
- I have a mortgage with Mansfield Building Society. I would like to purchase a further house and my mortgage broker recommended I apply for a consent to let. I was under the impression that they only grant consent to let where it is my intention to go back to my current property. Is this correct?
- I rented my house out for three years from 2010-2013 while living in New York. I have a letter dated June 2010 from my building society granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not be acceptable to the new lender Mansfield Building Society for the property I intend to buy.Can this be right
- Me and my fiance are soon to purchase a property together. Idea is for me to get consent to let my flat from Mansfield Building Society. Thinking a little down the line however - when my 2 year fixed period expires - how would it work if I wanted to remortgage my flat?
- I have an annex that my mum has vacated. As the main house is large I was considering moving into the annex and lease the rest out. This is also due to change in my personal situation. Would I require consent to let from Mansfield Building Society?
- I was just wondering if Mansfield Building Society would give consent to let and what kind of charges, penalties and rate increase etc
- Situation: I am moving to become a non-UK resident. Potentially for a number of years. That being said I will be on a 3 month probation period .I would like to know how to go about getting consent to let from Mansfield Building Society and any costs involved
- How likely is it that I can keep my current residential mortgage with Mansfield Building Society if I start renting out? If the consent to let is granted will they load the interest rate?
- My work commitments are changing and this could result in mebe in different locations a lot and as a result I wanted to get to grips with the process for applying for consent to let with Mansfield Building Society
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Mansfield 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Mansfield Building Society your property may be repossessed