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
- My solicitors have served eviction orders on a tenant who had not paid his rent in 3 months. The relevant claims have been served. The tenant's defense for non payment is based on the assertion that I lack consent to let my ground floor flat from my lender ModaMortgages
- My current mortgage provider is ModaMortgages. Where do I download the consent to let application forms from, as we are already leasing out the property?
- A colleague recently sought CTL from the Woolwich which they turned down because the mortgage had not been going for six months. I am about to request consent to let from ModaMortgages. Do they adopt the same rule?
- We would like to be informed of what the criteria is for ModaMortgages for consent to let. I have heard contradictory suggestions in relation to fees and rates. I need to move area for career reasons but can not sell the house due to a depressed market.
- How easy is it to obtain a consent to let from ModaMortgages and what are the fees? If I want to let out my property for a few months how easy is it to chop and change between a residential mortgage and consent to let?
- I am already letting out my property but may have sussed that I am not living there. I have four months remaining on my fixed rate. Is it simple to get consent to let from ModaMortgages. Is it just a five minute phone call, pay the charge and it's done there and then?
- My mortgage has been with ModaMortgages for eight years. I would like to apply for consent to let my house. I have been waiting for a response from ModaMortgages. Are you able to please check and help?
- Was wondering how to get a consent to let from ModaMortgages who I have a mortgage with. There is an outstanding balance of 87k. The value of property is 110k. Its in my name but my wife and I would like to purchase a 2 bed flat in Enfield we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above ModaMortgages consent to let Info
Tax and Legal
There are numerous potential 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 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
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 ModaMortgages