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.
Top Five Questions relating to Mansfield Building Society consent to lease
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Helen (my partner) and I may need to lease our Greenwich home temporarily due to me taking a sabbatical. This will be temporary but perhaps for 2 years. Must I notify Mansfield Building Society or should I keep schtum?
- We currently have a five year fixed term mortgage with Mansfield Building Society that we're about one year into. Our situation has now altered and we wish to rent out our property for a while and whilst we relocate to Redbridge. What can we do to mitigate the possibility of Mansfield Building Society rejecting consent to let.
- My property recently got consent to let on a standard mortgage with Mansfield Building Society with aim of switching to a buy-to-let rate when the fixed rate expires in a few months' time, so I'm uncertain if this adds to the complexity of the issue! Any advice gratefully appreciated.
- We have an offer accepted to purchase a property, we have a deposit of between 20-25% for a domestic mortgage with Mansfield Building Society. The small issue is we may go overseas in 2 months for work. We are going through our financial adviser. She says if you tell this to Mansfield Building Society up front we will need to get a buy to let. Do go ahead with residential mortgage with Mansfield Building Society, in a couple of months seek consent to let? Otherwise, do we try and speak to Mansfield Building Society at this point and reveal there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they agree in advance that it should not be an issue
- I have a domestic mortgage with Mansfield Building Society and with my circumstances changing massively in the last four months, can I obtain consent to let. What changes will affect me?
- My wife and I have a letter to Mansfield Building Society requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- I am looking for some generic information on consent to let with Mansfield Building Society: I am moving to Spain as part of a promotion. Potentially for a number of years. That being said I will be on a six month probation period .I'm wanting to know the criteria for consent to let from Mansfield Building Society and what fees are involved
- I want to take in lodgers for my one bedroom apartment in Havering which I live in. My mortgage is with Mansfield Building Society. Will they grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Mansfield Building Society consent to let information
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 could trigger 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
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 terms are not adhered to you may be in breach of the lease. This could potentially result in 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