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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.
Mortgage Agency Services consent to let: Q and A’s
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My husband and I may need to rent out our Hillingdon home for a while due to a career opportunity. This will be temporary but possibly for as long as 4 years. Should I tell Mortgage Agency Services or am I best advised to keep schtum?
- My flat has a mortgage against it with Mortgage Agency Services and I have been renting my flat without consent to let, making me in breach of my mortgage Ts and C’s. I think I have come onto their radar that I am not living there. What negotiating options do I have if I fail to sell it in time before they become aware I am in contravention of my Ts and C’s?
- I am may soon need to apply for consent to let from my current mortgage lender Mortgage Agency Services. A colleague of mine said that he was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an AST. Can you explain what this is?
- How many months after taking out a new mortgage will a consent to let be likely to be given by Mortgage Agency Services? To give some history I purchased my property in Brent nearly two years ago and am currently on a fixed term for 3 years. Not long after I met a guy and plan to move in together. I intend to get a better fixed term next October. I presume that I would have to hold back for at least half a year before I could seek consent to let. Is that right?
- I am one year into a three year standard mortgage with Mortgage Agency Services. Just wondering if it's permitted to let out the property on my existing home loan. Will Mortgage Agency Services give consent to let?
- I am looking to place my residential property on rent due to work commitments and was enquiring if this is possible to get consent to let. It is on a fixed rate mortgage with Mortgage Agency Services until 2018 September
- Do you know if I can keep my current domestic mortgage with Mortgage Agency Services if I start renting out? If the consent to let is issued will they tie me into an increased rate?
- I am currently in the process of applying for a mortgage through Mortgage Agency Services - There is a likelihood that in the within months I may decide to let out the property - how would I swap the normal mortgage to a BTL mortgage?
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Information to consider in conjunction with 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 provisions in the lease may prevent 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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