Need Help?
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.
Frequently asked questions relating to Platform Home Loans consent to lease
- I've got an existing mortgage with Platform Home Loans coming up to 18 months and the fixed rate is soon to expire. We are contemplating releasing equity from our present home to allow us to purchase a more substantial house and then rent out the existing studio flat. We have had initial advice that we will look for a new domestic mortgage allowing for consent to let - can you explain what this is?
- Are you able to advise me what Platform Home Loans charge for consent to let out a room in my ground floor flat? Any information would be gratefully received.
- Me and my wife bought a house ten years ago on shared ownership basis, I own half by way of mortgage and rent the remaining half. In December 2012 I purchased a new house. I let out my first property and moved to the new home. I secured consent to let from my mortgage company and I was under the assumption I had consent to let from the housing association. Earlier this week I was contacted by the housing association advising they had nothing on record to evidence I had obtained permission to sublet. What do I do now?
- Hi, I have consent to let my house with Platform Home Loans and am about to give my tenant two months notice as I intend to find a buyer. I am concerned about the property being vacant once the tenant goes and finding a buyer. Not once have I missed a payment on the account, is it likely that I would be able to take payment holidays pending the sale of the property?
- I'm gathering some information on whether consent to let is something available to me? We have a Platform Home Loans mortgage and are considering leasing the property out for two years, but cannot really afford to change to a buy to let rate. The estate agent mentioned something about a content to let
- How much of my mortgage allowance will be made available to borrow if I change my mortgage to a consent to let with Platform Home Loans?
- What is the process for getting a consent to let application form from Platform Home Loans and how quickly can I get the consent?
- I am looking for consent to let for my property as I am moving out for 6 months currently fixed Platform Home Loans mortgage with three years which is up on April next year.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Platform Home Loans consent to let information
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
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 notify them could result in your insurance becoming invalid. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Platform Home Loans