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.
Common questions relating to Paratus AMC consent to lease
- I would like to move and let out my studio flat in Lambeth. Having bought it in June 2007 and presently on a high ltv there is little equity in it. My mortgage is with Paratus AMC. Do you know where Paratus AMC stand when it comes to consent to let?
- How long must you own a property before consent to let with Paratus AMC would be forthcoming? I purchased my apartment with a Paratus AMC mortgage 9months ago.
- I am currently looking to purchase my first property however, working as a contractor. I I would like to find a lender that allows short term letting with a residential mortgage so that I could let the property for no more than six months with long periods of absence without being forced into a BTL mortgage. Are you able to advise me on how lenders would view this and specifically the stance taken by Paratus AMC.
- How long after getting a new mortgage will a consent to let be likely to be given by Paratus AMC? By way of background I bought my property in Islington nearly two years ago and am currently on a fixed term for 3 years. I since met my partner and plan to move in together. I intend to get another fixed term next June. I presume that I would have to hold back for at least six months before I could seek consent to let. Is that correct?
- I previously took a mortgage with Paratus AMC, but I have to get consent to let for approximately a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her mum and dad and having support) in a greener more relaxed part of Bristol.
- My marital situation has changed, and I would like to lease my place out - meaning consent to let- I have about £175K loan with Paratus AMC and currently 90k equity I need to side-step the redemption penalties.
- Is it possible to refinance with Paratus AMC with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- Me and my partner and I would like to lease out my house to be nearer to my daughter's college and look after of my father. Do I need consent to let from my lender Paratus AMC?
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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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed