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 colleague plans to rent out his apartment out without consent to let via his mortgage lender ModaMortgages. He has been on an interest only loan since 2008. Currently owes £112k, having paid for the flat for around £118k. If he lets the flat out privately, exactly what sanctions does he risk?
- I would like to let my existing property and want to purchase a bigger house for the family. I have a two year fixed mortgage with ModaMortgages. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after a couple of years with another lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- Would a mortgage Early Redemption Charge be tax-deductible on Buy to Let flat? About twelve months ago I was thinking of applying for consent to let from ModaMortgages on my flat but I ended up switching mortgage provider to get a BTL mortgage. I had to pay an early repayment charge as I was still in a fixed rate period.
- I am a landlord having served eviction orders on a tenant who is in arear of rent. The relevant proceedings have been served. The tenant's defense for non payment is based on the claim that I do not have consent to let my garden flat from my provider ModaMortgages
- I am require from ModaMortgages consent to let out my property in Lewisham. I am going to move in with my grandfather as I am off work through ill health.
- As of today I have a mortgage with ModaMortgages. I am considering renting and buying another property but this is all new to me. How do I go about procuring consent to let from ModaMortgages?
- What, if any, income criteria do ModaMortgages set for consent to let on an existing standard mortgage?
- We are interested to find out more about consent to let from ModaMortgages. Would an acceptable reason be parking problems and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above ModaMortgages consent to let Info
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
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 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
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with ModaMortgages your property may be repossessed