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.
Questions and Answers: Mortgage Express (No 2) consent to let
-
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)?
- I have a Mortgage Express (No 2) mortgage on an apartment I own, in Hillingdon. This year, due to a change in my circumstances I decided to rent out the apartment, and rent a house in a different area within same loc. The state of affairs that changed is that I started living with my partner, and the flat is not large enough for us. I do not want to try to dispose of the flat because the current market value is significantly lower than the market value when I acquired the property in 2005. I applied to Mortgage Express (No 2) for a consent to let which was turned down as they determined that my intention was to invest in the flat. Any advice would be greatly appreciated, as this is really stressing me out. There is a sense of urgencybecause there is already a prospective tenant waiting for this consent to let and may withdraw.I look forward to hearing from you
- I would like to let my garden flat out from mid Nov this year as I will be travelling for a few months. I have a homeowner mortgage with Mortgage Express (No 2). I will not be letting for more than 6 months. Most likely it will be four months. It has been suggested that I get consent from my freeholder first? Please can you suggest what I should be doing in what order?
- I have been in the armed forces for three years and intending to acquire a home using a Mortgage Express (No 2) mortgage. I would like to be given consent to let this house to my parents. In the future I plan to reside in the property myself when I leave the armed forces. Is this achievable?
- I am considering moving overseas for work and would like consent to let from Mortgage Express (No 2) whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to Mortgage Express (No 2)? Letting the property isn't to make money but to keep the property in case things don't turn out as well as we hope
- Will Mortgage Express (No 2) want to know my reasons for seeking consent to let? Should I disclose my possible relocation abroad?
- Is consent to let required from Mortgage Express (No 2) if I am planning to reside in the house myself for part of the year? Furthermore if I gain consent to let for a period of time, say up to 2 years, what happens after that.
- Do you know if there is normally a required LTV before Mortgage Express (No 2) will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Mortgage Express (No 2) 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 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
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.
If you do not keep up the payments on your mortgage with Mortgage Express (No 2) your property may be repossessed