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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
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Will MPowered Mortgages exercise a right to put a loading on my interest rate on a homeowner mortgage where Consent to Let at any time, onto ‘rates akin to their Buy to Let loans'?
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I am employed by a letting agency in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender MPowered Mortgages. Why would they ask for this
- Me and my OH and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We presently have a MPowered Mortgages mortgage. What are the fees involved and time limits on consent to let agreements?
- My boyfriend and I (joint owner) are in the process of moving our mortgage to MPowered Mortgages. I was conducting some research concerning consent to let from MPowered Mortgages to understand the rules around potentially leasing our existing apartment out (probably in a in a couple of years time) if we moved away. The flat in question was a first-time purchase for us about two years ago. We are living there at the moment.
- I have a MPowered Mortgages mortgage currently and may want to let it out temporarily with consent from MPowered Mortgages for (two years). Is this possible?
- I have a domestic mortgage with MPowered Mortgages - about 55% equity. I am considering relocating for another job and was enquiring if MPowered Mortgages are flexible in changing the mortgage to allow for consent to let?
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Barnet. What are the chances of being given consent to let by MPowered Mortgages without being forced into a new rate.
- I have fixed rate mortgage with MPowered Mortgages. I may have to let out my flat due to necessity. Were I to apply for consent to let, will I have to pay a lot more interest?
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Important warnings to consider 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
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 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action 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