Need Help?
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.
Top Five Questions relating to MPowered Mortgages consent to lease
- I need to change my homeowner mortgage with MPowered Mortgages to a consent to let and looking for some guidance... I purchased my first home in Hendon in 2011. After a career opportunity I moved to Dublin, and five months ago got a residential joint-mortgage with my partner. I am inclined to stay with MPowered Mortgages and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if MPowered Mortgages refuse what lenders can I approach.
- I have a home loan with MPowered Mortgages on a property and I would like to find a tenant for it out and rent another house due to changes in personal circumstances - I want to move to a different location, and to live in a bigger property with my fiance. I sought consent to let and just got a response refusing because they determined that I want to invest. I dont know what to do next. I find myself at risk since I am already committed to the new property and would have to pay both the MPowered Mortgages mortgage and rent, which could put me in financial risk. The matter needs to be addressed soon as a prospective tenant is waiting
- I refinanced with MPowered Mortgages recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a further property as my main residence and lease the existing property out with consent to let. Is that likely to be forthcoming?
- Due to redundancy we are looking to move away from Ealing and our flat, potentially to a job in Copenhagen but that means we will want to let the property but don't want the cancellation fees of existing MPowered Mortgages mortgage which will be expensive.Can MPowered Mortgages refuse to grant us consent to let?
- Is it possible that MPowered Mortgages would have archive records as to whether consent to let was granted for a specific property?
- Can I remortgage with MPowered Mortgages with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- Six months ago I purchased a flat with a MPowered Mortgages home loan. However I am currently living with parents. I don't want to move in until for eight months due to personal issues. In interim can I rent out the property with consent to let?
- I would like to let my house for three years at most. I would like to know if I could have a consent to let by my current mortgage lender MPowered Mortgages?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
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 violation of the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with MPowered Mortgages your property may be repossessed