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.
Top Five Questions relating to MBS Lending Ltd consent to lease
- Are you able to providing me some advice on the consent to let process. I am considering a MBS Lending Ltd mortgage on a £200,000 house in twelve months time. The aim would be to hold the house as a second home but I would like to consider what options are open to me to let the property in the future. If our situation was to change the house would either be sold or let out.
- I need to change my homeowner mortgage with MBS Lending Ltd to a consent to let and looking for some help... I bought my first home in Edgware fiveyears ago. After a new job opportunity I moved to Edinburgh, and four months ago got a residential joint-mortgage with my partner. I am inclined to stay with MBS Lending Ltd and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if MBS Lending Ltd turn me down what lenders can I approach.
- I have been offered an excellent job opportunity for eight months in New York. I have enough money to cover the monthly MBS Lending Ltd mortgage yet the block insurance stipulates that the property must be occupied in order not to be invalidated. Last winter the roof had some leaks that were repaired. Should there be any problems through the winter months I would find it hard to cover the remedial works. How likely is it that I will get consent to let from MBS Lending Ltd for the time I am abroad?
- How long must one own a property before one is eligible for consent to let ,the lender is MBS Lending Ltd? On the basis that it is issued, can it be cancelled months later?
- My lender refuse to grant consent to let without a move in date confirmed with a tenant. How can I confirm this in the absence of consent to let? I can't be certain but I vaguely recall my friend had a similar issue with MBS Lending Ltd.
- How much of my loan allowance will be made available to draw down on if I switch my mortgage to a consent to let with MBS Lending Ltd?
- My fixed rate loan with MBS Lending Ltd expires in September and have to move with work then. Is it likely that I be able to both remortgage and obtain consent to let?
- I am trying to find out if MBS Lending Ltd will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above MBS Lending Ltd consent to let Advice
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
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 standard 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 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
Neglecting to advise 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