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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.
Frequently asked questions relating to Mortgage Express (No 2) consent to lease
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I have been letting out my flat with "consent to let" from Mortgage Express (No 2) on a residential mortgage for the last 24 months. Mortgage Express (No 2) have put forward an ultimatum retracting their consent to let if we do not convert to one of their "buy to let" mortgages.
- I let my property in the summer and didn't tell Mortgage Express (No 2). I have a five year homeowner mortgage (healthy equity in it, never defaulted) and want to let Mortgage Express (No 2) know and get consent to let for the remaining two years of my mortgage . I am unsure how to go about this.
- I have a mortgage with Mortgage Express (No 2) however my husband and I will be emigrating to Australia in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I have been in the armed forces for five years and am looking to acquire a property with a Mortgage Express (No 2) mortgage. I would like to be given consent to let the house to my mother and father in law. In years to come I plan to reside in the property myself when my military career comes to an end. Is this possible?
- Mortgage Express (No 2). Will they grant consent to let a house for a couple of years? I plan to return as an owner.
- I have a question I'd like to ask...if consent to let is granted by Mortgage Express (No 2) would it usually be subject to a time limit, such as one year?
- Is it possible to negotiate a consent to let from Mortgage Express (No 2) if I have an existing mortgage which has been in place for seven years?
- I recently bought a house with 10% deposit for personal uses. A homeloan was taken with Mortgage Express (No 2). However my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from Mortgage Express (No 2) and put the house up to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Mortgage Express (No 2) consent to let information
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
Omitting 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 provisions in the lease may prevent 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record 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