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.
Questions and Answers: Mansfield Building Society consent to let
- I am thinking of applying for consent to let from Mansfield Building Society as my personal circumstances have altered. My stepdaughter started college and I felt we would move nearby and decided to buy a house rather than rent for 3 years. After having bought the house I have fallen out with my step daughter and she refuses to live in it. Since the whole idea was for her and the house location isn't so ideal for my work I would like to move out and let the house
- My partner and I are are looking to join the property ladder, currently renting. We would ideally like to purchase a one bedroom apartment in Bexley. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we have to seek a B2L loan? Could we take a 1st time buyer mortgage with Mansfield Building Society, even though we won't be moving in straight away? Alternatively could we live there for a couple of months, then start renting it with consent to let from Mansfield Building Society? I'm only interested in suggestions that are entirely legal, and wouldn't breach the provisions of the Mansfield Building Society mortgage.
- Me and my partner and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Mansfield Building Society mortgage. What costs are levied and is there a time limit on consent to let?
- My property recently got consent to let on a owner-occupier mortgage with Mansfield Building Society with a view to transferring to a buy-to-let rate when the fixed rate expires within the next months, so I'm unclear if this adds to the complexity of the issue! Any guidance gladly appreciated.
- My husband and I are planning to move to Kenya for eighteen months for my job but I don't want to convert my mortgage to BTL as I want to move back into it when I return. Do you know if Mansfield Building Society charges extra on the interest? Is there any work around?
- I was just looking into consent to let as it's something potentially I would need from Mansfield Building Society inside the next year. Our family circumstances has changed, and I wish to lease my home out
- We are endeavouring to find out which mortgage providers are best for giving consent-to-let without raising rates, and hopefully allowing in excess of 2 years where necessary. Is that something you can help with? We are particularly interested in Mansfield Building Society
- I am already letting out my flat but may have been sussed out. I have 5 months remaining on my fixed rate. Is it simple to get consent to let from Mansfield Building Society. Is it just a quick phone call, pay the fee and that's it?
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
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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mansfield Building Society