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.
Sample questions relating to Marsden Building Society consent to let
- My plan is to move home. The query I have is whether consent to let will be granted on my property for me to subsequently get a mortgage for the new house so I can put in an offer chain free and subsequently let my house out should I move. Will Marsden Building Society give consent to let for 9 months? Assuming the rental goes well can the consent to let period be extended?
- How many months do I have to live in the property before applying for consent to let from Marsden Building Society? I completed on my apartment with a Marsden Building Society mortgage ninemonths ago.
- My fiance and I are expecting any day now a mortgage offer from Marsden Building Society for a leasehold property. I have applied via a broker. It is a capital and interest mortgage. I wonder what is the main criteria Marsden Building Society adopt in order to allow borrowers consent to let? Is consent to let based on the rental amount for a property?
- I would like to be informed of what the criteria is for Marsden Building Society for consent to let. I have heard differing suggestions in relation to fees and rates. I need to move area for work but can not sell the property due to a difficult market.
- I was just looking into consent to let as it's something potentially I require from Marsden Building Society inside the next 12 months. Our circumstances have changed, and I wish to lease my property out
- I am currently in the process of applying for a mortgage through Marsden Building Society - It is possible that in the coming months I may decide to rent the property out - how would I swap the normal mortgage to a buy to let mortgage?
- Is there a set or maximum term how long I could let my home out to a family member with consent to let from Marsden Building Society. I no longer want to live in the area and want to buy a new home?
- I have a mortgage with Marsden Building Society taken three months ago where I moved from another lender. Am I now able to rent my property with consent to let from Marsden Building Society as I am looking to purchase another property.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Marsden Building Society consent to let Advice
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
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.
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 violation of 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Marsden Building Society