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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.
Paratus AMC consent to let: Q and A’s
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Always on the look out for a money making scheme I am contemplating leasing out my apartment and generate some income during my holiday. It will only likely be for ten days. Do I need consent to let from Paratus AMC?
- My query does not relate to consent to let, I was enquiring as to whether you have an contact details for a dedicated Paratus AMC team who deal with consent to let applications. Paratus AMC has a first charge over my house.
- We are in possession of a mortgage offer from Paratus AMC, but we are running up against a serious block. My husband works in a boarding school, and as such accommodation is a benefit of the job. We wish to buy a studio flat with a view to joining the property ladder, and let it out while we're in school accommodation. I had thought Paratus AMC would grant consent to let from day one of the loan. It appears that we may not be able to get consent to let. Do you have any suggestions?
- I appreciate the capital gains tax implications of converting a Paratus AMC mortgage to consent to let, but what about the ongoing rental income vs outgoings? Say I changed my former owned studio flat into CTL and moved out and pay rent elsewhere. Is there any way to deduct the rent I am paying from the rental revenue?
- Were we to request a consent to let letter by Paratus AMC will we be made to change to buy to let mortgage? We are with Paratus AMC and as houses are not currently selling but we have seen one we like we were going to rent our home out in order to buy the new and dispose of this one when the market picks up.
- I am hoping to fix my homeowner mortgage with Paratus AMC but as a result of my job I might have to go abroad for a couple of years. Will Paratus AMC allow and grant consent to let and will any penalties be applied in such a situation
- Please can you provide me with details of how to proceed with obtaining consent to let from Paratus AMC and what, if any, fees I face.
- I have fixed rate mortgage with Paratus AMC. I may have to let out my flat due to necessity. Were I to seek consent to let, will I have to pay significantly more interest?
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General Advice to read in supporting the above Paratus AMC consent to let information
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
If 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 may 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
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
Failure 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