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.
Frequently asked questions relating to Mansfield Building Society consent to lease
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I have been letting out my flat with "consent to let" from Mansfield Building Society on a homeowner mortgage for the last 24 months. Mansfield Building Society have now advised that they are withdrawing their consent to let if we do not transfer to one of their "buy to let" loans.
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Are any options available to me if my application to obtain consent to let is subsequently refused by Mansfield Building Society?
- Two years ago we bought our council flat, in SW London,recently valued at £220k. It's completely paid for from our own finances, unencumbered. We are prohibited from selling (without penalty of losing some of our discount) before five years have passed. Regardless, we would like to hold onto it as a investment property to let out. We are considering taking out a mortgage with Mansfield Building Society. If Mansfield Building Society refuse are there lenders that will allow this and grant consent to let?
- In a situation where a property owner opts to lease out their property in the absence of consent to let via Mansfield Building Society - what, if any implication could there be for an agent acting for the landlord?
- We are close to purchasing a flat and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Mansfield Building Society? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- We have a mortgage with Mansfield Building Society at the moment and just wondering whether Mansfield Building Society currently allows consent to let
- I have had my mortgage with Mansfield Building Society since 2007 with no arrear If I asked for consent to let would it be granted?
- My son has a mortgage with Mansfield Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be given consent to let? What is the procedure and cost involved?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Mansfield Building Society consent to let Questions and Answers
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 Mansfield 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mansfield Building Society