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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.
Examples of recent questions relating to Mortgage Express (No 2) consent to let
- In September 2013 I was issued consent to let from my current mortgage provider which is about to come to an end. I have since been traveling and had my first child. I'm not earning enough just now to pay the mortgage on my own. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. As a result of my low income I don't think the buy to let will be approved. One option I am considering remortgaging to Mortgage Express (No 2). Are they likely to grant consent to let from the start?
- My gf and I might have to rent out her apartment, and I have a query concerning obtaining authority to do so. I know I need to notify Mortgage Express (No 2) and get a consent to let or move to a BTL product. Given that the property is leasehold do we have to get consent to let from the management company?
- We have a flat in Westminster which we purchased as a new-build approximately eight years ago. As we've now got a young son we need more space. We've found a property in Camden that we're going to buy and want to keep the flat as an investment to rent out. The mortgage is with Mortgage Express (No 2) and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. The query is, can we keep the repayment mortgage with Mortgage Express (No 2) so we effectively paying off our loan on the flat or do we have to transfer to a buy-to-let mortgage?
- Due to a change in personal circumstances my wife and I are moving to my mum and dad’s house while they are away and letting our home out. We are going to need for consent to let from Mortgage Express (No 2). Will this be issued? We will need to refinance in the next year will we then switch to a BTL mortgage. We will definitely return to our flat at within the next twelve months?
- Interested to know if if consent to let would be forthcoming from Mortgage Express (No 2) in order to move back in with my mother and father for a year or two and save the cash on the lease extension for my property?
- We are looking to place our matrimonial home on rent due to work commitments and was wondering if this is possible to get consent to let. It is on a fixed rate mortgage with Mortgage Express (No 2) until 2017 October
- I am seeking consent to let for my house as I am moving out for six months currently fixed Mortgage Express (No 2) mortgage with two years which is due in December next year.
- I am relocating for work for as long as a year... I was wondering if I was able to gain from Mortgage Express (No 2) consent to let the property out while abroad as I do not want to leave it vacant for that period
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Mortgage Express (No 2) consent to let Advice
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
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 standard 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 provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Failure 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 Express (No 2)