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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
- At the moment I have a mortgage with ModaMortgages and I am thinking of purchasing a home with my soon to be wife. It's her council property on a right to buy scheme. Will I be able to switch my ModaMortgages mortgage to rent out my existing property in Hounslow even though the property is currently in negative equity.
- I am with ModaMortgages and just had to ask for consent to let, but wondered if they impose any requirements on the level of rental income?
- Hi, I have consent to let my house with ModaMortgages and am about to give my tenant two months notice as I wish to sell the property. I am worried about the property being unoccupied when the tenant goes and finding a buyer. I have never defaulted on the account, would it be possible to take payment holidays until sold?
- We are looking to let out our garden flat in Wandsworth in August. I would like some suggestions on what I need to do. I've just moved our ModaMortgages mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from ModaMortgages? Can you assist?
- It is looking as though I may need to move to NYC for two years, I have a house with a ModaMortgages mortgage. Do I need to obtain consent to let? Will they be obliging?
- My brother and I would like to obtain consent to let on a house where we have a mortgage with ModaMortgages. If granted, how long would consent be given for? In seeking consent to let from ModaMortgages are we running the risk of them forcing us to change deal to buy to let
- Just a quick one. Will ModaMortgages force me into a consent to let product while I'm in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above ModaMortgages 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
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 trigger 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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.
If you do not keep up the payments on your mortgage with ModaMortgages your property may be repossessed