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.
Sample questions relating to Paragon Mortgages consent to let
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Is it possible to remortgage on a consent to lease with Paragon Mortgages?
- My daughter is going to work abroad for three years and wants to lease her apartment out. She has a Paragon Mortgages fixed rate mortgage on repayment and wants consent to let the property as well as switch to interest only. What does she need to do?
- After having retired last year I purchased a “retirement home” for my wife and myself to live in. We would like to let our current property to our kids and I have consequently contacted Paragon Mortgages for consent to let. I was just seeking a general view on whether Paragon Mortgages currently allows it?
- Your view would be appreciated as to whether consent to let from Paragon Mortgages is the right approach. I purchased my property last July by porting a Paragon Mortgages mortgage product. My fixed rate finished two months ago I'm currently considering moving in with a new partner. I don't want to sell my property yet because I have no idea as to whether the new move will prove successful. Would it be likely that Paragon Mortgages would grant a consent to let based on me letting out my property on a short hold tenancy for 1-2 years and then I will commit to a buy to let product or sell it?
- I would like to let my house which is on a standard variable rate mortgage with Paragon Mortgages. What do Paragon Mortgages require for me to do to get consent to let?
- Can I remortgage to Paragon Mortgages from my current provider, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I currently have a residential mortgage with Paragon Mortgages and plan on letting due to work being based in Luton. In seeking consent to let from Paragon Mortgages do I run the risk of them forcing me to change deal to buy to let
- I would like details of how to proceed with obtaining consent to let from Paragon Mortgages and what, if any, cost I face.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with 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
Omitting 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 terms are not adhered to you may be in violation 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 commencing legal proceedings 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