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
-
Just wondered if Mansfield Building Society activate a right to change the rates on a regular mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their BTL loans'?
- We are a newly married couple and we have identified a home flat in Tower Hamlets that we like and wish to get a mortgage with Mansfield Building Society. The issue is that I am pregnant and about to give birth any time soon as I am on the last few weeks of pregnancy. This wouldn't make it impossible for us to move right away so we are considering living with my mum and dad for about six months. In the meantime, if we get this property, we can rent it out. We just wondering how will that work out? Will we be liable to get consent to let from Mansfield Building Society
- How straightforward it would be to obtain consent to let with Mansfield Building Society. I'm intending to opt for a fixed homeowner mortgage and intend to live at the property but want to understand what options are open to me if work has opportunities elsewhere for instance within 2 or 3 yrs Could you let me know generally how receptive Mansfield Building Society are regarding consent to let?
- I am looking for our family to move to give us all more space. We are thinking about buying another house in a few years time. The house was valued at £155,00 and we have about £85k left to pay on the Mansfield Building Society mortgage. We would prefer to keep this house if possible and rent it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- Iwould like to let our home and buy other. Can Mansfield Building Society refuse to grant me consent to let?
- This is not a question specific to Mansfield Building Society but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I took a residential mortgage with Mansfield Building Society, and I would like to let the flat out, until I decide whether to sell or hold on to it as an investment. At the moment I am on the fixed rate. Will I need to remortgage? I.E. BTL?
- Just looking for some help. I already have a mortgage in place with Mansfield Building Society. I have been given approval to temporarily rent out my flat from the freeholder of the block and they asked for a copy of the consent to from Mansfield Building Society.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Mansfield 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 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 regular 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 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Mansfield Building Society your property may be repossessed