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.
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.
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?
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.
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.
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
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.
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.