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.
Sample questions relating to ModaMortgages consent to let
- Next month I will be moving to Australia. Rather than sell my house, I would like to rent it out, just in case things don’t go as expected. My existing mortgage is with ModaMortgages. If I looked to remortgage would a new provider see this as me trying to avoid a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence refuse my application for Consent to Let?
- My colleague is intent on letting his flat out in the absence of consent to let from his mortgage provider ModaMortgages. He has been on an interest only loan for about 8 years now. Outstanding amount due is £110k, having bought the apartment for about £118k. In the absence of getting consent to let from ModaMortgages, exactly what sanctions is he likely to face?
- My cousin and his fiance currently lodge with me at my apartment. Next Summer I would like to move out of the flat and in with my partner. Is it possible to get consent to let from ModaMortgages after only having the mortgage for less than half a year?
- Just wondering whether ModaMortgages perform any checks when seeking a resi mortgage, I'm ideally looking to let 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 rent the house out?
- Can you help me understand the requirements that ModaMortgages set for consent to let? Are you able to help?
- If I am tied into a fixed rate with ModaMortgages but am thinking of letting out my property, is there a cost for consent to let from ModaMortgages and does the interest rate change?
- Please can you tell me the circumstances under which ModaMortgages would decline a request for consent to let?
- Am I required to negotiate consent to let if I let to a family member (in my situation my father now lives there and contributes towards the ModaMortgages mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with 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
If 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 invalid. 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 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 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 taking legal action 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