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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.
Recently asked questions relating to Paratus AMC consent to lease
- Current property worth £115,000. Paratus AMC mortgage owing £18k with 5 years to run. Get consent to let from Paratus AMC for current residence and make use of income to pay off remaining of mortgage. Take out 70 per cent Paratus AMC loan on further premises that becomes my primary address? Is this viable?
- Having spent fifteen years in Manchester, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to remortgage with Paratus AMC. In the relocation destination, we are be looking at a 4 bedroom property around the £275k mark. I would preferably like to retain my existing flat. Could I ask for Consent to Let from the proposed new lender Paratus AMC. If granted what are the likely requirements?
- Am with Paratus AMC and wonder if I am obliged to notify them if we no longer live in the property. I fear that they may load the interest rate if we move and find a tenant but it's far from obvious what the increase would be. If I decide to let my property out and apply for consent to let how would the payments change?
- We are intent on purchasing a property, renting a couple of the rooms out in order to cover the mortgage with Paratus AMC, and then moving on in two or three years - at which point the property would be entirely let. How likely is it that Paratus AMC would frown upon this as I will have been given a normal homeloan as opposed to a B2L or consent to let? I've read that in extreme situations they can sue for mortgage fraud, is this correct?
- My wife and I are planning to move to Australia for eighteen months for my job but I don't want to convert the mortgage to BTL as I want to reoccupy it when I return. Do you know if Paratus AMC charges additional interest? Is there any work around?
- Paratus AMC. Will they grant consent to let a house for three years? I will move back in again as a resident.
- What is the process for getting a consent to let application form from Paratus AMC and how quickly can I get the consent?
- I have a mortgage with Paratus AMC taken three months ago where I moved from another lender. Can I now rent my property with consent to let from Paratus AMC as I am looking to purchase a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Paratus AMC consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed