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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.
Recently asked questions relating to Paragon Mortgages consent to lease
- I'm just looking here for a my nephew as he’s at work who has a mortgage with Paragon Mortgages. He asked me to find out if there is a fee for consent to let? He has been offered a job abroad and wishes to rent out his place in the interim.
- 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 got a normal mortgage with Paragon Mortgages last September and then had to relocate for work, I am now considering leasing my apartment out for six months whilst I am abroad. What are my chances of obtaining consent to let from Paragon Mortgages, and what effect would this have?
- I have a standard mortgage coming up for renewal with Paragon Mortgages. I have had the property let out for a few years and I think I should have disclosed this to Paragon Mortgages. I am led to believe that it is possible to request consent to lease, but given that the property has previously been let out could they refuse - force me to switch a BTL rate and even fine me? I have over 25% equity in the house - and the rental income far exceeds the mortgage.
- I have a mortgage with Paragon Mortgages and am considering letting it for three months while on holiday. Will Paragon Mortgages consent to this?
- If I am tied into a fixed rate with Paragon Mortgages but am considering letting out my property, is there a charge for consent to let from Paragon Mortgages and does the interest rate increase?
- I am trying to find out Paragon Mortgages fees for conversion to consent to let from a fixed rate residential mortgage?
- Am I required to wait for consent to let to be issued on my current domestic mortgage with Paragon Mortgages before applying for a resi mortgage on a second property?
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 Questions and Answers
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
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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Paragon Mortgages your property may be repossessed