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Need professional advice for your consent to let with Platform Home Loans Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Platform Home Loans Consent to Lease Example Support Desk Enquires
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Exciting times as my wife and I intend to relocate to New Zealandin Month, initially for a little as 9 months but it could be longer term. I have contacted Platform Home Loans for consent to let out our property (we have already found tenants). The mortgage has been in place with Platform Home Loans for 5 years and the account is up to date with no current arrears. Platform Home Loans advise, that even if they consent to the letting, that this will be limited for one year. After the year is up what happens next?
- I have my one bedroom first floor purpose built flat in Lewisham on the market but notwithstanding a couple of viewings there is a lack of interest so far. As a backup option I am considering renting out the property if cant find a buyer. I dont anticipate a problem getting consent to let from the freeholder. My mortgage broker has told me that in such a scenario I may be required to switch to a BTL mortgage yet I probably don't have enough equity needed. What's my exposure if I if hypothetically I was to retain the current Platform Home Loans mortgage and rent out the flat without informing them. I was told that they can put a marker on you for mortgage fraud once find out. Is that right?
- Earlier this year I let out my ground floor flat having obtained Consent to Let with my building society. Half a year has now gone by and they have increased my interest rate as forewarned. I cannot transfer to a preferable product with them, as they will withdraw my consent to let. Were I to go with an alternative mortgage lender for instance Platform Home Loans, would I be required to apply for a B2L loan or could I just refinance and secure consent to let?
- At the moment have a three year fixed term mortgage with Platform Home Loans that we're approximately 18 months into. Our circumstances have now changed and we wish to let out our property for a while and move to another town. What can we do to mitigate the risk of Platform Home Loans rejecting consent to let.
- I was just looking into consent to let as it's something potentially I would need from Platform Home Loans within the next year. Our personal situation has changed, and I wish to lease my place out
- We need to lease out my house to be closer to my son’s college and take care of my father. Do I need consent to let from my lender Platform Home Loans?
- I am planning on moving within the next 6 months and would like to rent my house out. My interest rate is fixed with Platform Home Loans. I am concerned that a rate hike would be too much if that was a condition of obtaining consent to let
- We are looking in more information regarding consent to let from Platform Home Loans. Would a valid reason be issues with neighbours and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Platform Home Loans 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
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 terms are not adhered to you may be in violation of your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Platform Home Loans your property may be repossessed