Need Help?
Need professional advice for your consent to let with Masthaven Bank? 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 Masthaven Bank consent to lease
- I acknowledge that I have been extremely naive in failing to inform Masthaven Bank that I’m leasing my flat out. Ideally I would like to do the right thing with as little consequence as possible. If Masthaven Bank says yes, is there any way of them learning that I’ve already been renting it without consent?
- I am expecting to apply for consent to let from my existing mortgage lender Masthaven Bank. A friend of mine said that she was granted ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- My partner and I are intent on buying a property, renting two of the bedrooms out in order to cover the mortgage with Masthaven Bank, and then moving on in a few years time - when the property would be fully let. Is it likely that Masthaven Bank would look at this unfavourably as I will have been granted a standard homeloan as opposed to a B2L or consent to let? I've read that the worst case scenario is that they can sue for mortgage fraud, is this right?
- I have a first time buyer mortgage on a ground floor flat in Hackney but have rented it out without making Masthaven Bank aware of this. I now need a consent to let letter. How can I get one?
- Is there a set or maximum term how long I could rent my property out to a family member with consent to let from Masthaven Bank. I no longer want to live in the area and want to buy a new home?
- Is consent to let a cost efficient way of becoming a landlord? Isn't this a loophole for some borrowers to exploit?
- I was wondering if you are able to assist. I do not have consent to let from Masthaven Bank and was wondering if this option is available to me to move to as I need to move back home to look after my mum
- I am looking at taking a job overseas and have been advised that I need to let Masthaven Bank know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Masthaven Bank 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 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 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Masthaven Bank your property may be repossessed