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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.
Common questions relating to MPowered Mortgages consent to lease
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My wife and I may need to rent out our Hillingdon home for a while due to a career opportunity. This will be short-term but possibly for as long as five years. Do I inform MPowered Mortgages or should I remain silent?
- I am unable to locate the form to download "consent to let" on the MPowered Mortgages website. Could you please email me a link to do it? Thanks a lot.
- As we are relocating and failing to sell our flat, we are mulling over letting it out. Is it imperative to disclose this to MPowered Mortgages? If we do, I think they will want to change our mortgage to buy to let and load the fees etc which we can't afford. I was thinking that as long as I continued paying on time it shouldn't be a problem, but am now worried about insurance consequences if I have let my property out on the sly. Any feedback?
- We are looking to let out our garden flat in Barnet in August. I would like some guidance on what I need to do. I've just moved our MPowered Mortgages mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with MPowered Mortgages to allow us to get a mortgage also with MPowered Mortgages for a new home?
- Is it the case that a previous extension to a mortgage term with MPowered Mortgages be held against us when we applied to MPowered Mortgages for consent to let.
- What, if any, income criteria do MPowered Mortgages set for consent to let on an existing standard mortgage?
- Me and my husband may have to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell MPowered Mortgages or am I best advised to keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above MPowered Mortgages 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming invalid. 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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 MPowered Mortgages