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 spoke to a mortgage broker friend last recently. She said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my lender (Paratus AMC) until at least four weeks before I plan to lease out the property. Does that mean I have to find a tenant first and then obtain a consent to let?
- I have a Paratus AMC mortgage on an apartment I own, in Merton. Last month, due to a change in personal circumstances I decided to let out the apartment, and rent an alternative property in a different area within same loc. The state of affairs that altered is that I started living with my partner, and the flat is not large enough for us. I do not want to try to dispose of the flat because the current market value is significantly lower than when I purchased the property seven years ago. I wrote to Paratus AMC for a consent to let which was refused as they considered that my intention was to invest in the flat. Any advice would be greatly appreciated, as i am at the end of my tether. There is a sense of urgencyas there is a prospective tenant waiting for this consent to let and may look elsewhere.Many thanks
- I wish to move home and I am enquiring if I can get consent to let on my property then get a mortgage approval for the new house so I can put in an offer without being part of a chain and then lease my property out when I move. Will my lender Paratus AMC grant consent to let for 12 months if they know I am wanting to buy somewhere else or only where one is moving temporarily for my job?
- Is it possible to change a homeowner mortgage with Paratus AMC to a consent to let. It will be less than 65% ltv and it would alter from repayment to an interest only loan?
- Hello, what documents or paperwork would Paratus AMC require for a consent to let letter?
- What information should I include in a letter requesting consent to let my property in Newham? I would like to send a request to my mortgage provider Paratus AMC.
- My Paratus AMC mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I'm interested in more information about consent to let from Paratus AMC. Would a valid reason be issues with neighbours and the house is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Paratus AMC 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 Paratus AMC 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Paratus AMC