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.
Top Five Questions relating to Paratus AMC consent to lease
- Please explain "consent to let" to me? I live in a studio flat and its in good condition. It has been on with agents for two months and I have had very few viewings. This is because my neighbour is a drunk and assaulted me last year. I have had to mention it on the disclosure sheet. I am with Paratus AMC on a fixed rate. It has been suggested to me that I should seek consent to let via Paratus AMC and rent the flat to tenants.
- My plan is to let my garden flat out from mid Nov this year as I will be going for a few months. I have a domestic mortgage with Paratus AMC. I will not be letting for more than four months. Most likely it will be four months. It has been suggested that I seek permission from my freeholder first? Please can you advise what I should be doing in what order?
- Our fixed rate mortgage with Paratus AMC ends 31st October. I am required to relocate to Paris for my company in November. I wish to rent the house in the short term. Can I get a consent to let the property?
- We are in need of a larger house so our kids don't have to bunk together. We are thinking about buying another house next year. The house was valued at £155,00 and we have about £65k remaining on the Paratus AMC mortgage. We would ideally like to keep this house as an investment property and lease it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- I’ve already been told to write a letter to Paratus AMC to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- If I am tied into a fixed rate with Paratus AMC but am considering letting out my property, is there a cost for consent to let from Paratus AMC and does the interest rate alter?
- Do you know whether Paratus AMC will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Paratus AMC let me raise capital based on the rental income ?
- We are mulling over a remortgage offer with Paratus AMC and it's likely I will require consent to let at some point in the fixed period. Are there any charges I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Paratus AMC consent to let information
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 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 lease may prohibit 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed