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.
ModaMortgages Consent to Lease Example Support Desk Enquires
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I intend to let out my flat to some tenants who have asked me for evidence of my ‘consent to let’ from ModaMortgages, my mortgage lender. Is this standard practice? My letting agent cannot offer an explanation, can you?
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I'm about to contact ModaMortgages to obtain consent to let out my home in ModaMortgages. However I have put the house on the market but there is no interest and forking out for a full mortgage, council tax and insurance on an empty house is exhausting my finances. What position would ModaMortgages take if I have the house on the market?
- I would like to move home. My question is whether consent to let will be granted on my property for me to then obtain a mortgage for the new house so I can effectively bid without being part of a chain and then rent my house out once I move. Does ModaMortgages give consent to let for six months? If so, and the rental goes well is it possible for the consent to let time frame be continued?
- I have a question concerning consent to let. The property has a mortgage against it with ModaMortgages (with fair amount of equity). We are planning to move out of Leeds and if at all possible wish to lease out our house with consent to let from ModaMortgages and use the income from that to help get approval for a second mortgage for a house to live in. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I have a mortgage with ModaMortgages on a two year fixed term contract. I could have chance of a teaching post abroad in 6 months time. Am I eligible for consent to let via ModaMortgages were I to accept this job abroad?
- I am endeavouring to figure out which lenders are best for granting consent-to-let without raising rates, and hopefully permitting in excess of two years where necessary. Is that something you can help with? We are particularly interested in ModaMortgages
- I have an annexe in our garden. Do we need consent to let this from ModaMortgages? If so, what is the process if I would like to switch my mortgage to consent to let?
- We need to contact ModaMortgages to enquire about letting out our house. Do they send a document to me. Can I not get this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above ModaMortgages consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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