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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.
ModaMortgages consent to let: Q and A’s
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I have been letting out my flat with "consent to let" from ModaMortgages on a homeowner mortgage for the last two years. ModaMortgages have just written revoking consent to let if we do not convert to one of their "buy to let" deals.
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I work for letting specialists in loc and a potential tenant for the house has demanded a copy of the ‘consent to let’ from the owners lender ModaMortgages. Why would they ask for this
- I am a letting agent. If a landlord chooses to let out their property without consent to let from ModaMortgages - what liability do I have, if any? My guess is that the landlord isn't committing a crime, however, they would be breaking their agreement with the ModaMortgages, as ModaMortgages most probably require to be informed of any change in circumstances. If I look the other way could I be storing up trouble?
- We are planning to rent out my flat for 12 months from 30th October next year. Is there conventional wording for a letter I can use to send to ModaMortgages to apply for consent to let.
- When it comes to consent to let from ModaMortgages am I obliged to advise them every time we get a new tenant and send them a duplicate of the lease?
- Last month I completed my mortgage with ModaMortgages since when my boyfriend has proposed and we are deciding whether to reside in his house or mine. Would I be issued consent to let if I decided to move in with him
- I was just wondering how to get consent to let from ModaMortgages...do I phone them or apply formally in writing to them?
- I would like to rent out my home to be closer to my daughter's college and take care of my father. Do I need consent to let from my lender ModaMortgages?
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 information
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
Failure 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with ModaMortgages