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Need professional advice for your consent to let with Rooftop Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Rooftop Mortgages consent to lease
- A year ago my building society (not Rooftop Mortgages) granted me with consent to let. The condition was that every 6 months they would add a fee of 0.5% of the remaining mortgage amount. Having the first few payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been revoked.
- At the moment have a five year fixed rate home loan with Rooftop Mortgages that we're approximately one year into. Our situation has now altered and we would like to rent out our property for a while and move to another town. What can we do to mitigate the risk of Rooftop Mortgages rejecting consent to let.
- My house had been tenanted for three years between 2009-2012 while working Amsterdam. I have a letter dated May 2010 from the building society granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be sufficient for the new lender Rooftop Mortgages for the house I intend to buy.Your view would be appreciated
- We are looking to rent out our maisonette in Greenwich in June. I would like some suggestions on what I need to do. I've just moved our Rooftop Mortgages mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- I’m about to finish the fixed rate period of my two year fix with Rooftop Mortgages and go on to the current variable rate. I would like to know whether consent to let from Rooftop Mortgages is possible, if there are charges, and if there are time limits?
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a residential mortgage with Rooftop Mortgages
- We would like to lease out my apartment to be closer to my daughter's uni and take care of my mother. Do I need consent to let from my lender Rooftop Mortgages?
- We've spoken to someone at Rooftop Mortgages about changing our current mortgage to consent to let (the current fixed rate expires in june next year). Can I just confirm that I need to formally put the request in writing explaining our change in circumstance to Rooftop Mortgages? Where do I need to send the letter to?
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Caveats to be read in in addition to the above Rooftop Mortgages consent to let Advice
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation 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 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 Rooftop Mortgages