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
- Me and my wife acquired a house in Sunderland and will be moving to Bristol at the end of January. I have a letting agency and tenant ready. I was proposing to keep quiet as I'm afraid Paragon Mortgages will say I have to change my mortgage rate for buy to let which is not economically viable. I would like to secured a consent to let via Paragon Mortgages but am afraid if I come clean it would lead to no end of issues
- Our existing property in Merton has nearly £80K equity with a mortgage with Paragon Mortgages. It's a 3 bed house in a popular location and I think it would rent well. We are probably moving for my partner’s work and were thinking of holding onto the house on as an investment property - should we be swapping the mortgage to a B2L product or can we get consent to let from Paragon Mortgages?
- I am planning on purchasing a house, letting a couple of the bedrooms out in order to cover the loan with Paragon Mortgages, and then moving on in a few years time - at which point the property would be entirely rented. Is it likely that Paragon Mortgages would frown upon this as I will have been issued with a domestic homeloan rather than a B2L or consent to let? I've read that the worst possible outcome is that they can repossess the property, is this an exaggeration?
- I acquired a studio flat in Harrow twelve months ago and have a two year fixed rate mortgage with Paragon Mortgages. Looking to move in with my fiance next month and wish to let out my property. Just want to know the process.
- Please can you provide me with details of how to go about obtaining consent to let from Paragon Mortgages and what, if any, cost apply.
- I am interested in consent to let for my house mortgaged with Paragon Mortgages. How do I proceed? Do I have to call Paragon Mortgages and get them to agree?
- I was wondering if you can help. I do not have consent to let from Paragon Mortgages and would like to know if this option would be possible for me to move to as I have to move back home to take care of my mum
- I would like to get consent to let from Paragon Mortgages for a couple of years until I hope to move onto a B2L. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Paragon Mortgages consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Paragon Mortgages