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
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Is consent to let needed from MBS Lending Ltd or can I rent out my basement flat without telling MBS Lending Ltd and being forced to switch to a B2L loan?
- I'm planning to remortgage my garden flat, currently tenanted with consent to let from MBS Lending Ltd, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what is available in this area. Can you recommend a good broker service specialising in BTL?
- A colleague recently asked for CTL from the Woolwich which they refused because the mortgage had not been going for even half a year. I am about to request consent to let from MBS Lending Ltd. Do they take the same stance?
- We are currently in Dubai and letting out our property in Westminster. This was unplanned but an opportunity came up and we took it. The rental income is insufficient to cover the mortgage so we transfer money each month to cover the difference. Yesterday I got a letter in the mail from our lender telling me that as the property is being let out and has been for almost three years we will have to pay 1.5% interest in addition to our current mortgage rate. One option is to sell up but this will not be easy as I am on the other side of the world. Could we remortgage with MBS Lending Ltd and get consent to let?
- When it comes to consent to let from MBS Lending Ltd am I supposed to advise them each time we get a new tenant and send them a copy of the lease document?
- I wish to rent out my property. Do I simply mail a letter to MBS Lending Ltd requesting consent to let out the house?
- My mortgage has been with MBS Lending Ltd for eight years. I would like to apply for consent to let my property. I have been waiting for MBS Lending Ltd to get back to me. Are you able to please check and help?
- I am planning on relocating within the next eight months and would like to lease my property out. My interest rate is fixed with MBS Lending Ltd. I am worried a rate hike would be too much if that was linked to receiving consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming null and void. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd