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
- Please can you give me some more detail on what the procedure is for applying for content to let, what do I need to do. I am considering a Mortgage Agency Services mortgage on a £350,000 property Springnext year. The aim would be to hold the house as a second home but I would like to consider what options there are to let the property in the future. If our circumstances were to change the house would either be sold or rented.
- I have a house in Havering but I am moving with my girlfriend to a different town for work purposes and moreover close to her university. Im keen keep my property but it is unlikely that I can afford a buy to let mortgage. It will only be temporary -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Mortgage Agency Services. Is there a chance I won't be approved for consent to let?
- My property recently got consent to let on a residential homeloan with Mortgage Agency Services with aim of transferring to a buy-to-let rate when the fixed rate expires within the next months, so I'm unclear if this complications to the issue! Any information gratefully appreciated.
- Enquiring whether Mortgage Agency Services perform any checks when applying for a resi mortgage, I'm ideally looking to let the property out and am unsure as to whether I should apply for consent to let. How likely are they to find out if I let the house out?
- Should I decide to apply for consent to let from Mortgage Agency Services what is the time scale Mortgage Agency Services would take to make a decision?
- I have Mortgage Agency Services mortgage and am considering leasing out the property. I am lead to believe that I would require consent to let to do this...is that true ?
- How likely is it that I can keep my existing residential mortgage with Mortgage Agency Services if I start renting out? If the consent to let is granted will they load the interest rate?
- Was wondering how to precure a consent to let from Mortgage Agency Services who I have a mortgage with. There is a remaining balance of 47k. The value of property is 220k. Property is in my name but my wife and I would like to purchase a maisonette in Croydon we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Mortgage Agency Services consent to let Info
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
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Mortgage Agency Services your property may be repossessed