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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 spoke to a mortgage broker friend last month. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (MPowered Mortgages) until at least 2 weeks before I plan to lease out my house. Does that mean I have to find a tenant first and then obtain a consent to let?
- I have a three bed leasehold flat with a MPowered Mortgages mortgage and have a lodger sharing with me. I have decided to relocate to Haringey and will look for a property to rent. My lodger doesn't want to leave so has agreed to pay a higher rent. Do I have to apply for consent to let from MPowered Mortgages?
- Please explain "consent to let" to me? I live in a studio apartment and its in good condition. It has been on with agents for two months and I can't find a buyer. This is because my neighbour is a drunk and assaulted me last year. I have had to put this on the disclosure form. Mortgage is 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 rent the flat for a year or two.
- I am may soon need to apply for consent to let from my existing mortgage provider MPowered Mortgages. A friend of mine said that he was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- I am thinking of renting my apartment will MPowered Mortgages bill me for a consent to let letter?
- Just wondering if if consent to let would be forthcoming from MPowered Mortgages enabling me to move back to my parents for a year or two and save the money to extend the lease on my property?
- Can I refinance with MPowered Mortgages with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- Will MPowered Mortgages choose to operate a right to change the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to refinance on a consent to let with MPowered Mortgages?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition 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
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 standard 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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