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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.
Frequently asked questions relating to MBS Lending Ltd consent to lease
- I have a friend who is thinking about renting their property out and moving in with partner. The property is in Southwark and has a £95k mortgage with MBS Lending Ltd. What would she need to do to get consent to let if she decides to move forward.
- I took out a new mortgage with MBS Lending Ltd recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a further property as my primary home and let the existing property out with consent to let. Is that likely to open up a Pandora’s box?
- I have had a MBS Lending Ltd mortgage for less than a year but I recently found out I am about be made redundant. I would appreciate some tips on being given consent to let from MBS Lending Ltd
- I wish to know what the criteria is for MBS Lending Ltd for consent to let. I have heard differing suggestions in relation to fees and rates. I need to move area for work but can not sell the property due to a depressed market.
- I want to apply for consent to let from my mortgage provider MBS Lending Ltd to rent out my property. . Can you tell me if MBS Lending Ltd allow consent to let in these circumstances?
- I am looking to get consent to let with my MBS Lending Ltd residential mortgage. It is a 3 bedroom house. Will MBS Lending Ltd grant consent on this basis? Or would it be regarded as an HMO?
- I have a mortgage with MBS Lending Ltd but am wanting to let my house out and move in with my fiance and baby what is required to obtain consent to let?
- About to remortgage my house but I will potentially moving out in the next year and would be looking to let it out. How quickly can you get consent to let from MBS Lending Ltd?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above MBS Lending Ltd consent to let Questions and Answers
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
Failure 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd