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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.
Top Five Questions relating to MBS Lending Ltd consent to lease
- I have a one bed flat in Hounslow let out which has a seventy year lease. Mortgage broker suggested I should remortgage (currently with MBS Lending Ltd) as a buy to let instead of consent to let and release 45-55k which on top of a new homeloan based on income multiples would give me a budget of £195k. Limited available in Newham for me to get my own place. A lease extension will cost 19k. Should I keep or sell the flat?
- I would like to rent out my current house as I wish to acquire a larger house for the family. I have a fixed rate mortgage with MBS Lending Ltd. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after a couple of years with another lender? Will it have to be buy to let mortgage and not a residential mortgage?
- I moved out of my apartment about six months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending next month and I am thinking about getting a new mortgage anyway. I want to ask for consent now, is that going to open up a hornet’s nest?
- Good morning, I have consent to let my property with MBS Lending Ltd and am now looking to give my tenant two months notice as I intend to sell the property. I am worried about the property being vacant once the tenant leaves and finding a purchaser. Not once have I missed a payment on the account, is it likely that I would be able to take payment holidays until I complete the sale?
- This is not a question specific to MBS Lending Ltd but do mortgage companies generally supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- I was just looking into consent to let as it's something potentially I would need from MBS Lending Ltd inside the next year. Our personal situation has changed, and I would like to rent my place out
- We are about to buy a place and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from MBS Lending Ltd? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- I have a mortgage with MBS Lending Ltd. I am thinking of moving out and renting out my flat. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd