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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.
Questions and Answers: MPowered Mortgages consent to let
- I am in possession of a mortgage offer from MPowered Mortgages, but we hit a brick wall. My husband works in a boarding school, and as such living quarters is a benefit of the job. We wanted to purchase a maisonette with a view to joining the property ladder, and let it out while we're in school accommodation. I had thought MPowered Mortgages would grant consent to let from day one of the mortgage. It is now looking as though we may not be granted consent to let. Can you give me any ideas what we can do?
- My flat has a mortgage against it with MPowered Mortgages and I have been letting out my flat minus consent to let, making me in breach of my mortgage conditions. I fear that they have sussed that I am not residing there. What negotiating options do I have if I don't sell it in time before they become aware I am in contravention of my Ts and C’s?
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It has been on with agents for two months and I have had very few viewings. This is because my neighbour is a drunk and assaulted me last year. I have had to mention this on the disclosure sheet. I am with MPowered Mortgages on a standard variable rate. It has been suggested to me that I should seek consent to let via MPowered Mortgages and lease the flat for a couple of years.
- I bought a two bedroom second floor purpose built flat in Brent in 2006 and remortgaged with MPowered Mortgages on a rate which expires in the later this year. If I go overseas for work and want to rent out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- How much is it to get a consent to let from MPowered Mortgages on my residential property. I've moved in with my husband and have a friend wanting to let out the property.
- Is it possible to negotiate a consent to let from MPowered Mortgages if I have a current mortgage which has been in place for seven years?
- Do you have the address to which a Consent to Let request to be sent for MPowered Mortgages? Sorry about bothering you with this query.
- I have a mortgage with MPowered Mortgages but would like to rent my house out and move in with my fiance and baby what would I have to do to obtain consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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
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 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with MPowered Mortgages