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
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I have a regular mortgage over my property in loc with the intention of moving overseas to country for a couple of years. During this period I want to rent out my flat. My mortgage provider will not provide me with consent to let. I don’t really want a buy to let mortgage as it’s only for a short period that I am abroad for.
- I have rented out my garden flat in Havering for the past 18 months, and I had not appreciated that I required consent to let. I would like to do things properly. Would this be an issue?
- My property recently got consent to let on a non-commercial mortgage with Masthaven Bank with the intention of changing to a B2L rate when the fixed term ends in a few months' time, so I'm uncertain if this complications to the issue! Any guidance much appreciated.
- I am planning to apply for consent to let from my current mortgage lender Masthaven Bank. A colleague of mine said that he was issued with ‘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?
- I would like consent to let on my Haringey flat from Masthaven Bank. I will be leaving the UK for a period of time and so want to know if I am able to let my apartment
- If I am tied into a fixed rate with Masthaven Bank but am thinking of letting out my property, is there a cost for consent to let from Masthaven Bank and does the interest rate alter?
- Can I remortgage to Masthaven Bank from my current lender, with a consent to let or do I need a let to buy homeloan, and if so what are the LTV's?
- Are you aware if there is usually a required LTV before Masthaven Bank will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 Masthaven Bank