Need Help?
Need professional advice for your consent to let with Paratus AMC Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Paratus AMC consent to let
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I am a FTB looking to purchase a small house in Paratus AMC. I have a significant deposit will be getting a mortgage from Paratus AMC. My dilemma is that my fiancee has a flat in Birmingham and I anticipate moving in next year, at which point I would want to let out my property. I have heard of consent to let but it does not sound like a guaranteed option. Can you offer any advice?
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My lender has placed me in a difficult predicament with a Consent to Let mortgage. Having sought consent to let the bank has requested evidence of an executed AST prior to issuing permission. Is is not the case that if I adhered to their request that I would be violating the terms of my existing mortgage?
- We are currently in NYC and leasing out our property in Redbridge. This is not something we planned but an opportunity came up and we took it. The rent achieved on the flat is insufficient to cover the mortgage so we transfer funds each month to make up the shortfall. Last week our lender got in touch telling me that because the property is being let out and has been for nearly two years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell up but this will be far from easy as I am on the other side of the world. Would it be possible to remortgage with Paratus AMC and get consent to let?
- I have an annex that my mother has vacated. As my property is large I was considering moving into the annex and let the rest out. This is also due to change of circumstances. Would I need a consent to let from Paratus AMC?
- My partner and I have a Paratus AMC home loan currently and may want to let it out temporarily with consent from Paratus AMC for (two years). Just wanted to know is it something that is obtainable relatively quickly?
- We are considering a remortgage and also thinking of renting the property in the years to come - Is there a cost with Paratus AMC to procure consent to let and what are the criteria?
- I am relocating for work for as long as a year... I was wondering if I was able to get from Paratus AMC consent to let the house out while I was away as I do not want to leave it vacant for that long
- I have a mortgage with Paratus AMC. I am thinking of moving out and letting out my flat. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Paratus AMC consent to let information
Tax and Legal
There are numerous potential 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
Failure 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Paratus AMC