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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.
Examples of recent questions relating to MPowered Mortgages consent to let
- If I was to rent out my maisonette with consent to let by MPowered Mortgages, what proof would be required of tenancy? If after twelve months I decided to let it on a series of short term rental, do I still need to supply evidence to MPowered Mortgages, or will they leave me alone provided they receive payment each month? E.G. if I let the rooms separately at some point in the future, is there any reason for MPowered Mortgages to know and would they care?
- I need to see if I can receive consent to let on my current home. I have a mortgage with MPowered Mortgages but my circumstances have changed. I'm about to move in with my partner and son who have a house and is larger than my small property. I don't think I can qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn more than £25000 a year.
- I have a mortgage with MPowered Mortgages however my husband and I will be emigrating to South Africa in September. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My partner called MPowered Mortgages on Wednesday concerning consent to let. We are awaiting a call back. We have placed an offer in on a property that has been accepted in principle so we need to know how likely it is that we will receive consent to let from MPowered Mortgages?
- Am I required to wait for consent to let to be granted on my prevailing residential mortgage with MPowered Mortgages before applying for a resi mortgage on a second property?
- Three months ago I bought a house using a MPowered Mortgages mortgage. However I am currently living with mother and father. I don't want to move in until next January due to some family reasons. In interim can I lease out the property with consent to let?
- Assuming that I was successful in obtaining consent to let from MPowered Mortgages, could I sell during the consent period? Is it possible that I would incur any penalties?
- Please can you inform me how much the fees are and if MPowered Mortgages ordinarily issue consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above MPowered Mortgages consent to let information
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
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 conditions are not complied with you may be in violation of 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 taking legal action 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