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.
Recently asked questions relating to Paratus AMC consent to lease
- I have a consent to let from my existing lender which is about to run out. I have since been traveling and had my first child. I'm not earning enough just now to pay the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. Due to affordability I don't think the buy to let will be approved. One option I am considering remortgaging to Paratus AMC. Are they likely to issue consent to let from commencement of the mortgage?
- I bought a house 3,two years ago in Liverpool when I worked locally. I got a promotion which necessitated working in London. I drive down on Saturday afternoon and live with a cousin mid week. I decided onmoving home to avoid the commute. I am looking into the option of renting out my current home. My mortgage is with Paratus AMC, would I have to change my mortgage rate or ought I apply for consent to let?
- I am looking to get a consent to let from Paratus AMC as my personal situation has altered. My stepdaughter started college and I concluded that we would move nearby and chose to purchase a house rather than spend the money on renting. Since purchasing the house there has been breakdown in my relationship with my my step daughter and she won't live in it. Given that the whole idea was for her and the house location is not particularly ideal for my work I would like to move out and let the house
- I understand that this is a breach of Paratus AMC terms and conditions of mortgage if I rent out my property having informed that I intend to reside there. The plan is to redeem the home loan after five years, by which time I will become the outright owner, meaning I no longer require any consent to let. Paratus AMC advised me I can overpay as little as I like during the lifetime of the mortgage. I have someone who is interested in renting the property. What checks do Paratus AMC do and what are the chances that they are likely to do this? Can you set out implications of not obtaining consent to let? From what I have read there is a possibility of Paratus AMC bumping up the interest rate
- I have a homeowner mortgage with Paratus AMC and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- I am a Paratus AMC borrower. I would like to apply for consent to let my flat. I have been waiting for Paratus AMC to get back to me. Are you able to please check and help?
- I would like to get consent to let from Paratus AMC for a couple of years until I can switch to a B2L. Is this achievable
- What happens if I have already rented out the property for some years as an HMO and now want to go legit with Paratus AMC by obtaining consent to let ? (assume Paratus AMC had previously given a standard mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Paratus AMC consent to let Info
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
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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Paratus AMC