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
- I currently have a mortgage with Paratus AMC and I am planning buying a home with my soon to be wife. It's her council house on a right to buy scheme. Would it be possible to switch my Paratus AMC mortgage to rent out my existing property in Ealing even though the property is currently in negative equity.
- I am applying for a home loan with Paratus AMC, but we have hit a snag. My husband is the deputy head in a boarding school, whereby living quarters is a perk of the job. We wish to purchase a maisonette with a view to joining the property ladder, and let it out while we're based at the school. I had thought Paratus AMC would be willing to give consent to let from the outset of the mortgage. It transpires that I may not be able to get consent to let. Do you have any suggestions?
- My flat has a mortgage against it with Paratus AMC and I have been letting out my apartment minus consent to let, which I am now led to believe means I am in breach of my mortgage terms and condition. I think that they have found out that I am not residing there. What negotiating options do I have if I don't sell it before they become aware I have breached my conditions?
- I am looking to apply to Paratus AMC for consent to let on our current residential property in Westminster. I am hoping to draw down equity from my existing home ahead of this, and making use of that money to purchase a further home. I will live in that house whilst renovating it for six months at which point the intention is to sell it then move back to my current house. Is this something Paratus AMC will consider consent to let for or is that out of their criteria?
- When it comes to consent to let from Paratus AMC am I obliged to update them every time we get a new tenant and post them a duplicate of the lease document?
- Is it possible that Paratus AMC would have archive records as to whether consent to let was granted for a specific property?
- I have tenants ready to move in and I have mortgage offer from Paratus AMC on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- We have a mortgage with Paratus AMC and would be thinking about buying another main residence and then subsequently letting our current house out. Would I require consent to let from Paratus AMC?
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 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
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 restrictions are not strictly observed 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 taking legal action 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