Need Help?
Need professional advice for your consent to let with Mortgage Express? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Mortgage Express? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My husband and I purchased a flat in 2007 for 185,000 with Mortgage Express (No 2). My husbands career requires that we move to Belgium and now wish to request consent to let from Mortgage Express (No 2). Do you have any experience of consent to let from Mortgage Express (No 2)?
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.
One thing to remember when arranging a consent to let mortgage with Mortgage Express (No 2) 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting 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.