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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.
Paragon Mortgages Consent to Lease Example Support Desk Enquires
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Me and my husband have a Paragon Mortgages mortgage and are are not in arrears, in gainful employment etc. Can you tell me how much the fees are and if Paragon Mortgages usually grant consent to let without changing to a commercial rate?
- I am looking to emigrate to Moscow . Rather than sell up, I wish to rent my existing property out, just in case things don’t work out and I decide to come back within a couple of years. I have a current mortgage is with Paragon Mortgages. Would I be able to remortgage with another mortgage lender on a much lower interest rate then apply for Consent to Let after the refinancing is in place?
- In what circumstances will consent to let for a property be given via Paragon Mortgages? How long do you have to have had owned the property before consent to let can be granted by Paragon Mortgages? By way of background:Our home is a very small 1 bedroom flat which is too small for us, my husband is also unwell and we are far away from family who could provide a bit of relief, in the form of babysitting. I am looking at obtaining consent to let in the first instance to be able to renting the property out to offset the expense of the Paragon Mortgages mortgage.
- What is the maximum period of time allowable to Paragon Mortgages that I would be able to let my property before having to transfer the mortgage or sell my house? Essentially, my partner has asked me to move in with him and I really want to hold onto my house. I would like the security of knowing I still own my own property.
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with Paragon Mortgages and are thinking of renting the property out for two years, but cannot really afford to convert to a buy to let mortgage. Is consent to let an alternative to to switching to a buy to let rate?
- My two year fixed rate with Paragon Mortgages will soon end shortly and I will move on to the standard variable rate. I would like to know if consent to let by Paragon Mortgages is likely, if there are cost, and if there conditions?
- I have fixed rate mortgage with Paragon Mortgages. I am going have to rent out my place due to necessity. If I seek consent to let, will I have to pay a lot more interest?
- I could potentially need consent to let from Paragon Mortgages in the future with work. I am just looking to see what the options would be if this was the case. Are there any time restrictions on the length you can let out a property with consent?
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 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
One thing to remember when arranging a consent to let mortgage with Paragon Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 breach 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Paragon Mortgages your property may be repossessed