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.
Questions and Answers: Paragon Mortgages consent to let
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I rent out my property in Haringey. I didn't seek consent to let. I moved to Ashford for work relocation purposes and couldn't do a commute but was nervous that Paragon Mortgages would charge me silly money so I decided to take the risk. I'm hoping to do the right thing now... basically carry on letting it but with consent. Can you offer any advice as to how I go about doing this?
- I have had consent to let via Paragon Mortgages for some time now and they now want to speak to me and I expect their motive may be to get rid of me. Do you have any suggestions as what I can do next?
- We may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our house. We already have a Paragon Mortgages mortgage. Is there any criteria for consent to let that the property or individual has to meet?
- I intend to relocate to another property, I have been at my existing house for eighteen months. Is there a minimum time to spend at a property before Paragon Mortgages will give a consent to let?
- This is not a question specific to Paragon Mortgages but do lenders generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- Can I get an interest only mortgage with consent to let when my current Paragon Mortgages deal runs out June 13?
- I took a residential mortgage with Paragon Mortgages, and I would like to lease the flat out, until I decide whether to sell or keep it as an investment. At the moment I am on the fixed rate. Will I need to move onto a new mortgage? I.E. buy to let?
- My mortgage is currently with Paragon Mortgages and am debating whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. What are my consent to let options currently?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Paragon Mortgages consent to let Info
Tax and Legal
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.
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Paragon Mortgages