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.
Common questions relating to Masthaven Bank consent to lease
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Soon to be packing up as my partner and I are moving to Germanyin Month, possibly temporarily but it could be longer term. I have contacted Masthaven Bank to obtain consent to let out our property (we have already found tenants). The mortgage has been in place with Masthaven Bank for 6 years and I am up to date with payments. Masthaven Bank inform me, that even if they do agree, that this is a short term consent for a period of twelve months. After the year is up what happens next?
- What is the difference between consent to let and changing to a buy to let mortgage? What is the consent to let rate offered by Masthaven Bank?
- I have been granted consent to let from Masthaven Bank for a while now but they now want to speak to me and I expect their motivation may be to rid themselves of me. Can you help?
- We have an offer accepted to buy a property, we have a deposit of between 20-25% for a standard mortgage with Masthaven Bank. The small issue is we may leave the country in three months for work. We are using a mortgage broker. She says if you tell this to the lender in advance we will need to get a buy to let. Do go ahead with residential mortgage with Masthaven Bank, shortly thereafter ask them if I can have consent to let? Otherwise, do we try and speak to Masthaven Bank at this point and say there is a possibility we will move abroad in the future (nothing is definite regarding the move abroad) and see if they agree in advance that it should not be a problem
- I am fixing my homeowner mortgage with Masthaven Bank but due to work related issues I will probably have to go abroad for a couple of years. Will Masthaven Bank allow and grant consent to let and will any penalties be applied in such a situation
- I was just wondering how to obtain consent to let from Masthaven Bank...do I phone them or apply formally in writing to them?
- I am planning on relocating inside the next six months and wish to lease my flat out. My interest rate is fixed with Masthaven Bank. I am concerned that a rate hike would be too much if that was a condition of receiving consent to let
- Is there a time limit on a consent to let from Masthaven Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Masthaven Bank your property may be repossessed