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.
Top Five Questions relating to Mortgage Express (No 2) consent to lease
-
What options are open to me if my application for consent to lease is subsequently refused by Mortgage Express (No 2)?
-
I am about to join the property ladder hoping to complete on a terraced house in Mortgage Express (No 2). I have a significant deposit will be getting a mortgage from Mortgage Express (No 2). My predicament is that my partner owns a apartment in Nuneaton and I anticipate moving in next month, when I would have to let out my house. I understand that consent to let is required but it does not sound like there is any certainty. Is there any advice you can impart?
- I would like to let my existing residence as I wish to acquire a bigger house for the family. I have a two year fixed mortgage with Mortgage Express (No 2). On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after two years with a different lender? What connotations does that have aside from the higher rates - would I need a greater equity portion in the property too ie lower loan to value?
- We have just sorted our rates for another fixed five years with Mortgage Express (No 2). Subsequently, I attended an interview and basically I accepted the job offer in Haringey. I'm going to rent a small flat for me and my family in Haringey as we don't wish to sell the house and moreover we might come back within a couple of years.... We really have no idea whether it will go. We called Mortgage Express (No 2) but we would appreciate your point of view please. Is it possible to get consent to let in that case as we just got a fixed 5 years rate we really don't want to change.
- I would like to understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Mortgage Express (No 2)? Are you able to assist?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Mortgage Express (No 2) would allow it from day one?
- Me and my fiance and I have a mortgage with Mortgage Express (No 2) on our three bed flat in Enfield. We are hoping to buy a new house to move into. How do I move our existing mortgage on to consent to let?
- Do Mortgage Express (No 2) grant consent to let? I am just considering this as an option if I move house in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Mortgage Express (No 2) 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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