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.
MBS Lending Ltd Consent to Lease Example Support Desk Enquires
- Are you able to advise me what fees MBS Lending Ltd levy for consent to let out a room in my ground floor flat? Any insights would be appreciated.
- I am looking to get a consent to let from MBS Lending Ltd as my personal circumstances have altered. My stepdaughter was starting university and I felt we would move to the area and chose to buy a property rather than rent for 3 years. Since purchasing the house there has been breakdown in my relationship with my my step daughter and she is unwilling to move in. Since the whole idea was for her and the house location is not particularly ideal for my work I would like to leave and rent out the house
- My partner and I have a flat in Hillingdon which we purchased as a new-build approximately seven years ago. As we've now got a young son we need more space. We've identified a house in Greenwich that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with MBS Lending Ltd and we've found a tenant who will pay rent in excess of the monthly mortgage payment. The question is, can we retain the repayment mortgage with MBS Lending Ltd so we effectively paying off our loan on the property or must we to switch to a buy-to-let product?
- Last week I received a decision in principle from MBS Lending Ltd for a mid terraced house. I have applied via a broker. It is a 20 year mortgage. I am curious as to what is the main criteria MBS Lending Ltd adopt in order to grant borrowers consent to let? Is consent to let based on the rental multiple on a property?
- My OH and I have a letter to MBS Lending Ltd requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- Prospective tenants are about to rent my property and I have mortgage offer from MBS Lending Ltd on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I have had my mortgage with MBS Lending Ltd for the previous twenty months and I am at present just wanting some insight as to whether gaining a consent to let is likely.
- I have a granny flat attached to our home. Do we need consent to let this from MBS Lending Ltd? If so, what is the process if I wish to transfer my mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above MBS Lending Ltd consent to let Questions and Answers
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Failure 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