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.
Common questions relating to MBS Lending Ltd consent to lease
- We have just sorted our rates for another fixed five years with MBS Lending Ltd. However, I attended an interview and basically I accepted the job offer in Bexley. I'm going to rent a one bed flat for the family in Bromley as we don't wish to sell the house whist there is a chance that we come back within a couple of years.... We really have no idea how things will go. We called MBS Lending Ltd but we would like also your take on the situation. How is it to get consent to let in that case as we secured a fixed 5 years rate we really don't want to lose this rate.
- We are expecting any day now a mortgage offer from MBS Lending Ltd for a freehold 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 customers consent to let? Is consent to let based on the rental yield of a property?
- I have found myself in the accidental landlord situation and without consent to let from MBS Lending Ltd. I had to vacate my property for family reasons, so now live in another part of the country. I originally attempted to sell the flat, but prices were deflated, which meant I was in negative equity. This was four years ago in 2011, the value has increased and has given me time to save. I am in now in a position where I could transfer to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert MBS Lending Ltd that I have been letting without consent to let? I am aware that I shouldn’t have done what I did, but circumstances wouldn’t allow me to do anything else. Any help will be greatly appreciated?
- I have been renting out my flat to students for a few years but not on a BTL mortgage as I thought that you only required a buy to let if you had more than one property. In trying to acquire a further property, I discovered that I should have had consent to let at the outset from my mortgage provider MBS Lending Ltd. I'm curious as to whether I can now ask MBS Lending Ltd for a consent to let?
- My lender refuse to issue consent to let until I have a move in date confirmed with a tenant. How can I confirm this in the absence of consent to let? I am not sure but I think my friend had a similar issue with MBS Lending Ltd.
- As a result of career opportunities I will be moving to Scotland and would like to rent the flat temporarily, please let me know what steps I need to take in order to obtain consent to let from MBS Lending Ltd?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way MBS Lending Ltd would allow it from the start?
- I recently purchased a property with 10% deposit for personal reasons. A homeloan was taken with MBS Lending Ltd. But my circumstances have now changed. I am being transferred out of the location. Am I able to obtain consent to let from MBS Lending Ltd and put the property up to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with MBS Lending Ltd your property may be repossessed