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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
- What is the procedures for obtaining consent to let from MPowered Mortgages? What evidence do they require? is there a fee to pay? How long the consent is valid for? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than rent the property out?
- I own a house that's presently under shared ownership (My share is 50%) and I bought it in Aug 2013. I am currently going through the full purchase of the house. My partner and I have also got a further house that we are hoping to buy. Mortgage in principle has been issued by MPowered Mortgages. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- I rented my house out for three years from 2010-2013 while employed overseas. I have a letter dated March 2010 from the mortgage company granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender MPowered Mortgages for the property I wish to buy.Can this be correct
- My OH are locked into a fixed rate mortgage with MPowered Mortgages for two yrs and have been living in the flat for just under half a year. Due relationship issues I need to relocate so I would like to rent the place out. What is the best way to go about getting consent to let from MPowered Mortgages?
- My fiance and I have a consent to let letter that I have attained from my management company. I would think I need to send this with a letter to MPowered Mortgages with a view to seeking consent to let from them. What address shall I send it to?
- I am trying to find out MPowered Mortgages fees for conversion to consent to let from a fixed rate residential mortgage?
- My OH and I have a mortgage with MPowered Mortgages and would be thinking about purchasing another main residence and then subsequently letting our current property out. Would I require consent to let from MPowered Mortgages?
- My mortgage has been with MPowered Mortgages for seven years. I would like to apply for consent to let my home. I have been waiting for MPowered Mortgages to get back to me. Are you able to please check and help?
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Information to consider in supplemental the above MPowered Mortgages consent to let information
Tax and Legal
There may be various 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
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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with MPowered Mortgages