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.
Examples of recent questions relating to Paratus AMC consent to let
-
I have a residential mortgage approaching reissuing with Paratus AMC. The house has been tenanted for a two years and I now realise that I should informParatus AMC. My understanding is that I can ask for a consent to let, but bearing in mind that the property has previously been let out could they refuse - determine that I go onto a BTL mortgage and even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
-
I have been letting out my flat with "consent to let" from Paratus AMC on a residential mortgage for the previous three years. Paratus AMC have put forward an ultimatum revoking consent to let unless we swap to one of their "buy to let" deals.
- I am about to email my lender Paratus AMC justifying the following reasoning for my request for consent to let ; "I am having difficulties paying the monthly mortgage amount and thinking about a to move back with my parents but can't sell. I am very concerned by failing to make payments and have thought about returning the keys. If you issued consent to let that may solve matters." Is this likely to convince them to grant me consent to let?
- I would like to see if I can receive consent to let on my existing apartment. I have a mortgage with Paratus AMC but my circumstances have changed. I'm looking to move in with my partner and daughter who have a house and is larger than my studio apartment. I am sure that I will not qualify for a buy to let loan as I don't have money for a deposit nor do I earn more than £25000 per annum.
- I was just looking into consent to let as it's something potentially I require from Paratus AMC inside the next year. Our family circumstances has changed, and I would like to lease my home out
- Do you know if I can retain my existing domestic mortgage with Paratus AMC if I start renting out? If the consent to let is granted will they tie me into an increased rate?
- My fiance and I have a mortgage with Paratus AMC on our studio flat in Redbridge. We are hoping to buy a new house and move in there. How do I switch my current mortgage on to consent to let?
- I was wondering if you can help. I do not have consent to let from Paratus AMC and would like to know if this option would be possible for me to switch to as I must move back home to look after my mum
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Paratus AMC consent to let Info
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
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 regular 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 terms are not adhered to you may be in violation of your covenants under 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