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Need professional advice for your consent to let with MPowered Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to MPowered Mortgages consent to lease
- I've got an existing homeloan with MPowered Mortgages approaching 2 years and the fixed rate is soon to come to an end. We are thinking of taking equity from our current property to enable us to purchase a bigger house and then let out the current one bedroom apartment. The initial advice we received was that we ought to get a new domestic mortgage allowing for consent to let - can you explain what this is?
- We are a young couple and we found a home flat in Brent that we like and want to get a mortgage with MPowered Mortgages. The issue is that I am pregnant and about to give birth any time soon as I am on the last few weeks of pregnancy. This wouldn't make it impossible for us to move right away so we are contemplating living with our parents for the next few months. In the meantime, if we buy this property, we can rent it out. We just wondering how will that work out? Will we be liable to obtain consent to let by MPowered Mortgages
- Hi, I have consent to let my house with MPowered Mortgages and am about to give my tenant two months notice as I intend to find a buyer. I am worried about the property being vacant when the tenant goes and finding a purchaser. Not once have I missed a payment on the account, would it be possible to take payment breaks until I complete the sale?
- Just a quick question as a bit in the dark and wondering whether MPowered Mortgages conduct any checks when applying for a residential mortgage, I'm ideally looking to rent the property out and am in two minds as to whether I should apply for consent to let. How likely are they to find out if I rent the property out?
- We are planning to relocate to Australia for eighteen months for my job but I don't want to change my mortgage to BTL as I want to reoccupy it when I return. Do you know if MPowered Mortgages charges additional interest? Is there any work around?
- I wish to let out the attic in my house in Barnet. Do I require consent to let from my mortgage co MPowered Mortgages?
- Will MPowered Mortgages grant consent to let my property? I have an existing residential mortgage, never been in arrears and have been with MPowered Mortgages for just over three years now. What charges am I likely to face
- I'm looking to find out more about consent to let from MPowered Mortgages. Would a valid reason be parking problems and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above MPowered Mortgages consent to let Info
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 MPowered Mortgages 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 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 breach 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.
If you do not keep up the payments on your mortgage with MPowered Mortgages your property may be repossessed