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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.
MBS Lending Ltd Consent to Lease Example Support Desk Enquires
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Due to problems with the area we live in (it's rough!), we are keen to relocate. As disposing of the property will involve early repayment charges to MBS Lending Ltd of £5000, we considered that it would be sensible to let it out. In the circumstances we need consent to let from MBS Lending Ltd only 12 months. What can I do to get consent?
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We've been renting my wife's old house out with "consent to let" from MBS Lending Ltd on a homeowner mortgage for the last three years. MBS Lending Ltd have just written retracting their consent to let if we do not switch to one of their "buy to let" mortgages.
- A few months ago I rented out my two bedroom first floor purpose built flat having been given Consent to Let with my bank. 6 months have now elapsed and they have loaded my repayment percentage as previously advised. I am unable to change to a preferable product with them, as they will withdraw my consent to let. Were I to go with an alternative provider for example MBS Lending Ltd, would I need to take out a Buy To Let mortgage or could I just refinance and get consent to let?
- My partner and I are planning to use equity in my existing house to acquire another property which I propose to live in whilst I renovate it. My preference is to let out my first property with the MBS Lending Ltd loan. I was just seeking a general view on whether MBS Lending Ltd currently allows consent to let? House is worth £350 k with a £150k home loan in place.
- I am deliberating on renting my property will MBS Lending Ltd bill me for a consent to let letter?
- I don't currently have consent to let by MBS Lending Ltd but I would like to apply, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my house for when I come back - are you able to assist?
- My wife and I took a mortgage with MBS Lending Ltd but am informed they have a stipulation that they refuse to issue consent to let the property to a local authority. Is this right and if so, can you suggest a way round this?
- Can you tell me how much the fees are and if MBS Lending Ltd typically give consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above MBS Lending Ltd consent to let information
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
One thing to remember when arranging a consent to let mortgage with MBS Lending Ltd is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 obtain the consent of the freeholder. If such terms are not adhered to 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 MBS Lending Ltd