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.
Frequently asked questions relating to MBS Lending Ltd consent to lease
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I bought a garden apartment in 2011 for 305,000 with MBS Lending Ltd. My husbands career requires that we move to Cyprus and now wish to request consent to let from MBS Lending Ltd. Will they give consent?
- I would like to purchase a second property having recently purchased a maisonette on normal mortgage. Intend to purchase next year. I have been advised that I may require consent to let from MBS Lending Ltd, my existing mortgage provider? What is the best way to go about this and get the permission required.
- I'm looking to remortgage my studio flat, currently rented under consent to let from MBS Lending Ltd, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what my options are. Can you recommend a good broker service specialising in BTL?
- My husband and I would like to be informed of what the criteria is for MBS Lending Ltd for consent to let. I have heard contradictory suggestions in relation to fees and rates. I need to relocate for career reasons but can not sell the house due to a difficult market.
- How simple is it to get a consent to let from MBS Lending Ltd and what are the fees? If I want to let out my property for two months how simple is it to fluctuate between a owner occupier mortgage and consent to let?
- Circumstances: I am moving abroad. This might be for a number of years. Nevertheless I will be on a six month probation period .I'm wanting to know the criteria for consent to let from MBS Lending Ltd and what fees are involved
- Can I remortgage with MBS Lending Ltd with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I have a domestic mortgage with MBS Lending Ltd which is only eight weeks long but I have been moved abroad with work. How easy is it to obtain consent to let from MBS Lending Ltd for a mortgage that has only just started and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above MBS Lending Ltd consent to let Advice
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
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 obtain the consent of the freeholder. If such conditions are not complied with 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd