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
- I own a two bed leasehold maisonette via a Paratus AMC mortgage and have a lodger in the one of the room. I have decided to relocate to Merton and will rent there. My lodger doesn't want to move out so is willing to pay an increased rent. Do I have to ask for consent to let by Paratus AMC?
- My boyfriend and I (joint owner) are in the process of remortgaging with Paratus AMC. I was conducting some research concerning consent to let from Paratus AMC to understand the rules around potentially letting our current apartment out (probably in a year or 2) if we moved away. The flat in question was a first-time purchase for us about 2 years ago. Currently we are living there.
- I vacated my flat about 4 months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in six weeks and I am considering getting a new mortgage anyway. I want to ask for the letter now, is that going to open up a hornet’s nest?
- For a couple of years now I have had a mortgage with my wife on our house which is up for renewal 21st August. I am having to relocate to Bristol for my company in February. Is it possible to switch to a consent to let mortgage with Paratus AMC?
- My fixed rate loan with Paratus AMC ends in January and have to move with work soon after. Is it likely that I be able to both refinance and get consent to let?
- I'm possibly going to NYC for twelve months with work. Planning on taking the husband with me and hoping to rent our Redbridge property in the meantime on a short term basis to make matters more cost effective. I was just enquiring where I can I get a consent to application form from
- Am I required to get consent to let if I let to a family member (in my situation my mum now lives there and contributes towards the Paratus AMC mortgage)?
- I am fixing my homeowner mortgage with Paratus AMC but as a result of my job I might have to live abroad for a couple of years. Will Paratus AMC allow and grant consent to let and will any penalties be applied in such a situation
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Paratus AMC consent to let Info
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 notify them could 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed