Need Help?
Need professional advice for your consent to let with Marsden Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Marsden Building Society consent to lease
-
I have been letting out my flat with "consent to let" from Marsden Building Society on a residential mortgage for the previous two years. Marsden Building Society have put forward an ultimatum withdrawing their consent to let unless we swap to one of their "buy to let" products.
- I would like to buy a second house having recently purchased a studio flat on domestic mortgage. Looking to purchase in a few months time. I have been advised that I may require consent to let from Marsden Building Society, my current mortgage provider? What is the best way to go about this and obtain the consent required.
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It has been on with agents for two months and I am struggling to sell. This is because my neighbour is a drunk and assaulted me last year. I had no choice but to put this on the disclosure form. Mortgage is with Marsden Building Society on a standard variable rate. Someone mentioned I should get consent to let via Marsden Building Society and let the flat out.
- My gf and I might have to let out her flat, and I have a query concerning getting authority to do so. I know I need to notify Marsden Building Society and get a consent to let or move across to a buy to let mortgage. Given that the property is leasehold do we need consent to let from the management company?
- Iwould like to rent out the family home and purchase another. Can Marsden Building Society refuse to grant me consent to let?
- My family circumstances has changed, and I wish to lease my place out - meaning consent to let- I have about £140K loan with Marsden Building Society and currently 100k equity I need to side-step the early repayment fees.
- I am thinking about letting out my house via a consent to let from Marsden Building Society, what fees can I expect to pay?
- I have an cottage in our garden. Do we need consent to let this from Marsden Building Society? If so, what is the process if I wish to transfer my mortgage to 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 Marsden Building Society consent to let information
Tax and Legal
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.
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 may 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 Marsden Building Society