Need Help?
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.
Examples of recent questions relating to Mortgage Agency Services consent to let
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I have a residential mortgage coming up for renewal with Mortgage Agency Services. The house has been tenanted for a couple of years and I now realise that I should informMortgage Agency Services. I understand that I can ask for a consent to lease, but since the property has already been rented out could they decline - insist I go onto a BTL mortgage and even apply a penalty? I have over 25% equity in the house - and the rent will more than cover the mortgage.
- Under what situations will consent to let for a property be issued from Mortgage Agency Services? How long do you have to have had the mortgage before consent to let can be negotiated with Mortgage Agency Services? In order to give you some perspective I am a newly qualified solicitor in an apartment bought a few months ago. A dream job offer requiring moving to Hillingdon on a permanent basis has presented itself. I am looking at being given consent to let in the first instance with a view to renting the property out to offset the expense of the Mortgage Agency Services mortgage.
- My husband and I currently live in Dubai and letting out our apartment in the UK. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we send back funds each month to make up the shortfall. Anyway this morning our lender got in touch telling me that because the property is being let out and has been for nearly four years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell up but this will be far from easy as I am on the other side of the world. Would it be possible to remortgage with Mortgage Agency Services and get consent to let?
- I have been leasing my flat to a tenant for two years but not on a buy to let mortgage as I thought that you only needed a buy to let if you had more than one property. In trying to acquire a further property, I found that I should have obtained consent to let all along from my mortgage provider Mortgage Agency Services. I'm curious as to whether I can now ask Mortgage Agency Services for a consent to let?
- I am looking for information on the requirements that Mortgage Agency Services set for consent to let? Are you able to help?
- Do you know if I can keep my existing homeowner mortgage with Mortgage Agency Services if I start renting out? If the consent to let is granted will they tie me into an increased rate?
- What is the process for gaining consent to let by Mortgage Agency Services? Are there certain policies for example you have to have owned the property for a year before its given?
- I was wondering if you could assist. I require consent to let from Mortgage Agency Services and would like to know if this option is available to me to move to as I must move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Mortgage Agency Services 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
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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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