Need professional advice for your consent to let with Newbury Mortgage Services Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My wife and I are moving to Perthin Month, initially for a little as 9 months but conceivably longer term. We have just applied to Newbury Mortgage Services to obtain consent to let out our property (we have already found tenants). I have been with Newbury Mortgage Services for three years and no payments have ever been missed. Newbury Mortgage Services inform me, that even if they consent to the letting, that this will be a temporary arrangement for a period of twelve months. And then what?
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.
One thing to remember when arranging a consent to let mortgage with Newbury Mortgage Services 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
If your property is leasehold, the lease may prohibit 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.
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.