Need Help?
Need professional advice for your consent to let with MBS Lending Ltd? 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 MBS Lending Ltd consent to let
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Have any of your clients had experience applying for Consent to Leaseforfor less than a year from MBS Lending Ltd or if you have any advice as to how such approval is given.
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I have been asked by my proposed tenants for evidence of my ‘consent to let’ from MBS Lending Ltd, my mortgage lender. Is this standard practice? My letting agent cannot offer an explanation, can you?
- In June 2013 I was issued consent to let from my current mortgage provider which is about to expire. Since I took this out to travel and start a family. My part time salary is not sufficient just now to pay the mortgage on my own. I have been told I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. Due to affordability I don't think the buy to let will be approved. One option I am thinking about is remortgaging to MBS Lending Ltd. Are they likely to issue consent to let from the outset?
- I have had a MBS Lending Ltd mortgage for less than a year but I discovered this morning that I am about lose my job. I would like how to go about seeking consent to let by MBS Lending Ltd
- How easy is it to obtain a consent to let from MBS Lending Ltd and what are the fees? If I want to let out my property for three months how easy is it to chop and change between a residential mortgage and consent to let?
- I have a mortgage with MBS Lending Ltd taken three months ago where I moved from another lender. Can I now rent my property with consent to let from MBS Lending Ltd as I am looking to purchase another property.
- My wife and I spoken to someone at MBS Lending Ltd about switching our current mortgage to consent to let (the current 2 year fix comes to an end in september 2016). Can I just confirm that I need to send a letter setting out our change in circumstance to MBS Lending Ltd? Where do I need to send the letter to?
- Are you aware if there is normally a maximum LTV before MBS Lending Ltd will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above MBS Lending Ltd consent to let Info
Tax and Legal
There may be various 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of 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
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd