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.
Examples of recent questions relating to Marsden Building Society consent to let
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We've been renting my wife's old house out with "consent to let" from Marsden Building Society on a standard mortgage for the past two years. Marsden Building Society have advised of their intention of withdrawing their consent to let if we do not swap to one of their "buy to let" products.
- I will soon be moving to Dubai. As opposed to sell my house, I would like to lease it out, just in case things don’t pan out. My existing mortgage is with Marsden Building Society. If I looked to remortgage would a new lender view this as me attempting to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence reject my application for Consent to Let?
- My brother and I I have a normal mortgage with Marsden Building Society but I would like to occasionally let the property out on AirBnB....am I obliged to obtain consent to let from Marsden Building Society?
- I have a Marsden Building Society mortgage with my twin and am looking to leave and get a new mortgage with my partner. How should I proceed with renting out my room? Do I need consent to let by Marsden Building Society? My twin will remain in the flat
- My two year fixed rate with Marsden Building Society will soon end soon I will change on to the standard variable rate. Can you tell me if consent to let by Marsden Building Society is a foregone conclusion, if there are fees, and if there conditions?
- I am trying to find out Marsden Building Society fees for conversion to consent to let from a fixed rate residential mortgage?
- I am considering moving in with my fiance at his home and would like to rent out my property that I bought last autumn, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from Marsden Building Society If I obtain consent would my mortgage payments rise?
- Are you able to advise me how much the fees are and if Marsden Building Society typically give consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Marsden Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Marsden 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
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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Marsden Building Society your property may be repossessed