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.
Top Five Questions relating to Marsden Building Society consent to lease
- I need to change my homeowner mortgage with Marsden Building Society to a consent to let and looking for some guidance... I bought my first property in Lewisham in 2010. After a career opportunity I moved to Edinburgh, and 6 months ago got a residential joint-mortgage with my partner. I am inclined to keep with Marsden Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Marsden Building Society turn me down what lenders can I approach.
- I am in possession of a mortgage offer from Marsden Building Society, but we are running up against a serious block. My husband is a teacher in a boarding school, and as such we are provided with accommodation as part of his employment. We wish to purchase a garden flat to get on the ladder, and let it out while we're based at the school. I had thought Marsden Building Society would grant consent to let from day one of the loan. It transpires that we may not be granted consent to let. Can you give me any ideas what we can do?
- My fixed rate mortgage with Marsden Building Society runs out late 2016 and I wish to fix for another three years with Marsden Building Society, with any luck rates will remain low. In two years time I may wish to move temporarily to a different county. How simple is it to get consent to let from Marsden Building Society under this situation? Assuming that monthly rent payments would be about £300 more than the Marsden Building Society mortgage payments.
- I am unable to find the form to download "consent to let" on the Marsden Building Society website. Could you please send me a link to do it? Thanks a lot.
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Marsden Building Society to allow us to get a mortgage also with Marsden Building Society for a new home?
- I am looking to Marsden Building Society to grant consent to let out my home in Greenwich. I am travelling for a year
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Marsden Building Society. My property is worth approx £200k and owe £57k on it. Will Marsden Building Society increase my interest rate?
- I am fixing my homeowner mortgage with Marsden Building Society but due to work related issues I will probably have to live abroad for few years. Will Marsden Building Society allow and give consent to let and will any penalties be applied in such a situation
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
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 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 provisions in the lease may prevent 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
Failure to inform 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