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Need professional advice for your consent to let with Mortgage Agency Services? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Mortgage Agency Services consent to lease
- I had a chat with a mortgage broker friend last month. He said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Mortgage Agency Services) until at least four weeks before I plan to let my property. Does that mean I have to find a tenant first and then obtain a consent to let?
- Me and my wife reside in a matrimonial home where there exists numerous empty bedrooms. We are deliberating the idea of creating an AirBnB style business to rent rooms out on a check-in and check-out arrangement. Is this kind of thing permitted under Mortgage Agency Services’s consent to let protocol?
- We are in possession of a mortgage offer from Mortgage Agency Services, but we hit a brick wall. My husband is a teacher in a boarding school, whereby living quarters is a benefit of the job. We wanted to buy a maisonette with a view to joining the property ladder, and let it out while we're based at the school. I had thought Mortgage Agency Services would be willing to give consent to let from day one of the mortgage. It is now looking as though we may not be granted consent to let. Do you have any suggestions?
- I got a normal mortgage with Mortgage Agency Services last October and then had to relocate due to my job, I am now considering leasing my flat out for a few months whilst I am abroad. What are my chances of obtaining consent to let from Mortgage Agency Services, and what effect would this have?
- Were I to let my house out with consent to let from Mortgage Agency Services will will theyload the interest rate? I am presently on a fixed rate for three years.
- I have a domestic mortgage with Mortgage Agency Services and require consent to let. What are the criteria and requirements that I need to be aware of in order to obtain consent?
- Would a prior extension to a mortgage term with Mortgage Agency Services work against us when we sought consent to let from Mortgage Agency Services.
- I may be looking to lease out my property and wondered what I would need to do to get consent to let from Mortgage Agency Services. I may be emigrating permanently.
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Caveats to be read in supplemental the above Mortgage Agency Services 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
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 Mortgage Agency Services your property may be repossessed