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.
Examples of recent questions relating to ModaMortgages consent to let
- I purchased a house three years ago in Newcastle when I worked locally. I got a promotion which necessitated working in Wimbledon. I travel down on Saturday afternoon and live with a relative mid week. I am now considering relocating with the family to avoid the commute. I am considering the option of renting out my existing home. My mortgage is with ModaMortgages, would I have to change my mortgage product or ought I apply for consent to let?
- I had a chat with a IFA friend last month. He said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (ModaMortgages) until at least 2 weeks before I plan to rent out my house. Does that mean I have to find a tenant first and then obtain a consent to let?
- I took out a new mortgage with ModaMortgages recently, borrowing extra with the intention of doing a loft conversion. That plan has proved not to be possible and I now intend to purchase a second property as my main home and rent the existing property out with consent to let. Is that likely to land me in a lot of bother?
- Just wondering whether ModaMortgages perform any checks when applying for a resi mortgage, I'm ideally looking to lease the property out and am in two minds as to whether I should apply for consent to let. How would they find out if I lease the place out?
- We are close to purchasing a flat and plan to live in it once we have refurbished but we may need to let the property out but not sure what the criteria is for consent to let from ModaMortgages? 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 want to take in lodgers for my garden flat in Sutton which I live in. My mortgage is with ModaMortgages. How do I go about getting a consent to let?
- I have tenants ready to move in and I have mortgage offer from ModaMortgages on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- My wife and I would like to move home and have found a house we wish to purchase so are considering renting out with consent to let from ModaMortgages for our existing property to allow us to place an offer and not lose the potential new property.
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 Advice
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 lease may prohibit 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 your covenants under 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 ModaMortgages