Need professional advice for your consent to let with Market Harborough Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I am a first time buyer hoping to complete on a terraced house in Market Harborough Building Society. I have a significant deposit with a mortgage from Market Harborough Building Society. My dilemma is that my fiancee owns a flat in Dover and I can foresee myself moving in next month, at which point I would have to let out my house. I I know that consent to let is needed but it does not sound like a positive outcome is assured. Is there any advice you can impart?
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.
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
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.