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
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Me and my husband have a Paratus AMC mortgage and are have made overpayments to bring the loan amount down, both employed etc. Do you know how much the fees are and if Paratus AMC usually grant consent to let without porting the loan to a commercial rate?
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If push comes to shove what action Paratus AMC can take if I have rented my property if consent to let is not first obtained?
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We have an existing mortgage with Paratus AMC and need clarify if it would be possible to receive consent to let out our one bed flat in Islington.
The purpose for wishing to let out the property are as follows: -
- My family and I will be migrating to Hong Kong in 3 months.
- By renting out the house this will facilitate savings to assist with the migration process.
- It would be pointless from a financial point of view to pay outright for a property which we are no longer residing in and by letting out the place this would be viewed as an ongoing investment.
If Paratus AMC agreed that we are able to proceed with renting we would suggest some financial assurances which are as follows: -
- Maintain paying the monthly mortgage payment by standing order.
- Use an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
- Supply our contact details for when we relocate.
- How long after taking out a new mortgage do I have to wait before I can seek consent to let from Paratus AMC? By way of history I purchased my apartment in Bromley 2 years ago and am currently on a fixed term for 3 years. I subsequently met a guy and plan to move in to his place. I intend to get a better fixed term next December. I presume that I would have to hold back for at least half a year before I could seek consent to let. Is that correct?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Paratus AMC to allow us to get a mortgage also with Paratus AMC for a new home?
- I was just looking into consent to let as it's something potentially I would need from Paratus AMC inside the next 12 months. Our family circumstances has changed, and I would like to rent my property out
- I am looking for some generic information on consent to let with Paratus AMC: I am moving to Spain as part of a promotion. This might be for a number of years. That being said I will be on a six month trial period .I'm wanting to know how to go about getting consent to let from Paratus AMC and any costs involved
- I am looking to get consent to let with my Paratus AMC residential mortgage. It is a detached house. Will Paratus AMC grant consent on this basis? Or would it be regarded as an HMO?
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Information to consider in supplemental 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming null and void. 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed