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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.
Frequently asked questions relating to MPowered Mortgages consent to lease
- If I was to rent out my garden flat with consent to let via MPowered Mortgages, what evidence would be required of tenancy? If after 1 year I decided to let it on a series of short term rental, do I still need to supply proof to MPowered Mortgages, or will they leave me alone provided i keep up with the payments? For example if I rent the rooms out separately at a later stage, is there any reason for MPowered Mortgages to know and would they take issue?
- I am thinking of applying for consent to let from MPowered Mortgages as my personal circumstances have changed. My stepdaughter started college and I felt we would move nearby and opted to purchase a house rather than rent for 3 years. After having purchased the house there has been serious deterioration in my relationship with my my step daughter and she is unwilling to live in it. Since the whole idea was for her and the house location isn't so ideal for my work I would like to move out and let the house
- How easy it would be to obtain consent to let from MPowered Mortgages. I'm intending to opt for a fixed residential mortgage and plan to reside there but want to understand my options if work has opportunities elsewhere for eg in 2 or 3 yrs Please let me know how challenging it is in your experience with MPowered Mortgages?
- At present I have a homeowner mortgage with MPowered Mortgages. I have been offered a house as part of my job and wish to lease out my current home. My financial broker seems confident that it is a formality. Can you give me some information please?
- My husband and I are having to relocate to Australia for a couple of years for my job but I don't want to switch the mortgage to BTL as I want to reoccupy it when I return. Do you know if MPowered Mortgages charges additional interest? Is there any way around this?
- I was just wondering if MPowered Mortgages were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I am trying to find out if it is possible to get a consent to let home loan with MPowered Mortgages rather than a buy to let mortgage
- I have a mortgage with MPowered Mortgages. I am considering moving out and leasing out my flat. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
Failure 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
If your property is leasehold, the lease may prohibit 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 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with MPowered Mortgages