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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.
Frequently asked questions relating to Paragon Mortgages consent to lease
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Just wondered if Paragon Mortgages choose to operate a right to increase interest rates on a non-commercial mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
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Is consent to lease required from Paragon Mortgages or can I let my property without telling Paragon Mortgages and being forced to convert to a B2L mortgage?
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We just obtained consent to let from Paragon Mortgages. After some effort, Paragon Mortgages have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. Can you explain what this is?
- My fiance and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We already have a Paragon Mortgages mortgage. What are the fees involved and time limits on consent to let agreements?
- I was just looking into consent to let as it's something potentially I require from Paragon Mortgages within the next 12 months. Our marital situation has changed, and I would like to let my home out
- A work promotions now necessitates that Ibe in different locations a lot and as such I wanted to understand the process for seeking consent to let with Paragon Mortgages
- I am interested in some guidance on how best to approach my mortgage provider Paragon Mortgages regarding a 'Consent-to-Let' application. Is this a task you can offer guidance on ?
- My wife and I may have to lease our home temporarily due to a new job. This will be for a limited period but perhaps for twoyears. Should I tell Paragon Mortgages or it is wise to keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming null and void. 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 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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