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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.
Questions and Answers: MBS Lending Ltd consent to let
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My wife and I may need to let our Barnet home temporarily due to me taking a sabbatical. This will be temporary but possibly for as long as five years. Should I tell MBS Lending Ltd or do I not rock the boat?
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Soon to be packing up as my partner and I plan to return to Germanyin Month, perhaps temporarily but it could be longer term. I have contacted MBS Lending Ltd for consent to let out our property (we have already found tenants). I have been with MBS Lending Ltd for 5 years and I have never had any arrears. MBS Lending Ltd advise, that even if they consent to the letting, that this will be limited for a period of twelve months. After the year is up what happens next?
- Do you know if it is possible to procure consent to let with non-commercial mortgage with MBS Lending Ltd? We are looking to move to Hackney to live closer to our children’s university, but we are not yet sure if the relocation will be permanent.
- Two years ago we purchased our council home, in SW London,recently valued at £175k. It's completely paid for from our own finances, unencumbered. We are prohibited from selling (without penalty of losing some of our discount) before 5 years have expired. Regardless, we wish to retain it as a investment property to rent out. We are considering taking out a mortgage with MBS Lending Ltd. Will consent to let be given?
- I'm planning to switch lender to MBS Lending Ltd for a fixed rate but during this period would need to rent the house out for approximately one year. Do MBS Lending Ltd consent to let on fixed rate home loans and if so, what are the procedures.
- Do you know if MBS Lending Ltd would have an internal record as to whether consent to let was granted for a specific property?
- Are you aware of any flexibility in the accepted equity amount before transferring from a current MBS Lending Ltd mortgage to a consent to let?
- About to remortgage my property but will likely be moving out in the next year and would be looking to rent it out. Is it possible to get buy to let or consent to let from MBS Lending Ltd?
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Important warnings to consider in in addition to the above MBS Lending Ltd consent to let Info
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
Omitting 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
If your property is 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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