Need Help?
Need professional advice for your consent to let with Paragon Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Paragon Mortgages consent to lease
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Paragon Mortgages have just granted me consent to let. After some effort, Paragon Mortgages have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- I am two years into my 5 years fixed term mortgage and intend to take an overseas job so would like to let my home for two years. My equity is about fifty per cent. Are you able to clarify whether Paragon Mortgages will load the interest rate for consent to let for two years?
- My brother is intent on letting his apartment out on the QT without consent to let from his mortgage lender Paragon Mortgages. He has been on an interest only loan for about 8 years now. Outstanding amount is £110k, having bought the apartment for about £110k. In the absence of securing consent to let from Paragon Mortgages, exactly what sanctions is he likely to face?
- My husband called Paragon Mortgages on Tuesday regarding consent to let. He is expecting a returned call. We have put an offer in on a garden flat that has been accepted in principle so we need to know how likely it is that we will receive consent to let from Paragon Mortgages?
- What's the rules of consent to let for Paragon Mortgages?
- I would like consent to let on my Newham maisonette from Paragon Mortgages. I will be leaving the UK for 10-12 months and so want to know if I am able to let my apartment
- Is it possible to remortgage with Paragon Mortgages with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- My fiance and I would like to obtain consent to let on a house where we have a mortgage with Paragon Mortgages. If granted, how long would consent be given for? In asking for consent to let from Paragon Mortgages are we running the risk of them forcing us to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Paragon 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is 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 breach of your covenants under 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.
If you do not keep up the payments on your mortgage with Paragon Mortgages your property may be repossessed