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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.
Recently asked questions relating to Mortgage Agency Services consent to lease
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If push comes to shove what action Mortgage Agency Services can take if I have Sublet my flat in the event that consent to let is not forthcoming?
- I am interested to know how straightforward it would be to seek consent to let from Mortgage Agency Services. I'm taking a fixed residential mortgage and intend to live at the property but would like to understand my options for example - if a job elsewhere was attractive or for a year overseas.. Could you let me know generally how receptive Mortgage Agency Services are regarding consent to let?
- We hope to lease out our flat in Lambeth which is on a homeowner mortgage with Mortgage Agency Services . Clearly I will ask for a consent to let. If there is a charge for the consent to let can this amount also be categorised as incidental costs of financing and therefore allowable on my self assessment form to the tax authority?
- For a couple of years now I have had a mortgage with my fiance on our house which is up for renewal 31st August. I am having to move to Oxford with work in next month. Is it possible to transfer for a consent to let mortgage with Mortgage Agency Services?
- My OH is considering buying a new property in Hillingdon and is on to a good deal as it requires some work done. We want to rent our current property for 2 years and come back to live. Will I be granted a consent to let by Mortgage Agency Services?
- Was wondering how to obtain a consent to let from Mortgage Agency Services with whom I have a mortgage with. There is an outstanding balance of 57k. The value of property is 110k. Its in my name but my wife and I would like to purchase a studio flat in Sutton we have seen together. How do we go about it?
- What, if any, income criteria do Mortgage Agency Services set for consent to let on an existing domestic mortgage?
- How likely is it that Mortgage Agency Services force me into a consent to let product while I'm in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Mortgage Agency Services 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
One thing to remember when arranging a consent to let mortgage with Mortgage Agency Services is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Mortgage Agency Services