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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.
Top Five Questions relating to Paragon Mortgages consent to lease
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Always on the look out for a money making scheme I am contemplating leasing out my apartment and generate some income during my vacation. I only plan to be away for ten days. Will consent to let be needed from Paragon Mortgages?
- I am about to write to my lender Paragon Mortgages setting out the following reasoning for me asking for consent to let ; "I am struggling with the monthly mortgage amount and thinking about a to move to a smaller place but can't sell. I wish to avoid failing to make payments and have thought about returning the property to you. If you issued consent to let this will likely solve things." What are the chances that this will result in a positive response?
- I need to see if I can get consent to let on my existing property. I have a mortgage with Paragon Mortgages but my situation has changed. I'm about to move in with my partner and daughter who have a house and is larger than my 1 bed apartment. I am unlikely to qualify for a buy to let loan as I don't have money for a deposit nor do I earn in excess of £25000 a year.
- Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an ongoing dispute with the family next door. I had no choice but to mention it on the disclosure sheet. Mortgage is with Paragon Mortgages on a standard variable rate. It has been suggested to me that I should get consent to let from Paragon Mortgages and rent the flat out.
- How much is it to get a consent to let from Paragon Mortgages on my residential property. Recently I have moved in with my partner and have a colleague renting from me.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Paragon Mortgages. My property is worth approx £185k and owe £57k on it. Will Paragon Mortgages increase my mortgage rate?
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a residential mortgage with Paragon Mortgages
- I have a mortgage with Paragon Mortgages but am wanting to rent my house out and move in with my girlfriend and baby what would I have to do to obtain consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Paragon Mortgages consent to let Advice
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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