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.
Can Market Harborough Building Society activate a right to put a loading on my interest rate on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
My partner and I may need to let our Brent home for a while due to a career opportunity. This will be short-term but perhaps for seven years. Should I tell Market Harborough Building Society or am I best advised to just keep quiet?
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.
If 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 notify them could result in 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure to inform 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.