Need Help?
Need professional advice for your consent to let with ModaMortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
ModaMortgages Consent to Lease Example Support Desk Enquires
- I have just come off the phone to ModaMortgages and they tell me that they have figured out that I am letting out the maisonette despite having a resi mortgage. I had to move two years ago for career reasons, was unable to sell and so had little option but to rent out my property. Are you able to advise me on the financial repercussions might be for me not seeking consent to let?
- My wife and I have a domestic mortgage with ModaMortgages. My company has offered me a property as part of my job and wish to let out my current property. The mortgage broker seems confident that it is straightforward process. Are you able to provide me with some information please?
- I would like to let my current property as I wish to purchase a bigger house for the family. I have a mortgage with ModaMortgages. Provided I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after a couple of years with a different lender? Will it have to be buy to let mortgage and not a domestic mortgage?
- Me and my fiance hope to buy a property together. Plan is for me to get consent to let my flat from ModaMortgages. Thinking about the future - when my two year fixed comes to an end - how would it work if I sought to refinance then?
- ModaMortgages domestic mortgage. Will they issue consent to let a property for 2 years? I plan to return as a resident.
- I want to let out a room in my apartment in Greenwich. Do I need consent to let from my lender ModaMortgages?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with ModaMortgages. My property is worth approx £250k and owe £85k on it. Will ModaMortgages increase my mortgage rate?
- I recently acquired a one bed flat in Sutton. I am first time buyer. I am moving Glasgow next month, can I get consent to let from my lender ModaMortgages or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above ModaMortgages consent to let information
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
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 ModaMortgages