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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.
Common questions relating to Rooftop Mortgages consent to lease
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A friend of mine suggested that this summer I rent out my apartment and generate some income while I am on holiday. It will only likely be for a couple of weeks. Is advanced consent to let from Rooftop Mortgages required?
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Exciting times as my husband and I will move back to New Zealandin Month, possibly temporarily but potentially longer term. I have contacted Rooftop Mortgages for consent to let out our home in Rooftop Mortgages. I have had a mortgage with Rooftop Mortgages for 6 years and I have never had any arrears. Rooftop Mortgages inform me, that even if they give permission, that this is a short term consent for one year. After the year is up what happens next?
- It seems as though I will have the chance to go and work overseas in a couple of years. I am therefore potentially scaling down to a newbuild flat in Islington which I could rent out with less difficulty when the time comes. I would aim to keep half the equity in the new flat which would be my home for a while. My existing mortgage co will only issue consent to let for 12 months. I suspect renting it out longer term and not informing them could land me in a whole host of legal issues. B2L seems wrong when I will be living there, perhaps for 2-3 years initially. What type of mortgage should I be seeking, and from whom? Would, for example, Rooftop Mortgages grant consent to let for a longer period?
- I am on a 2 year fixed rate mortgage with Rooftop Mortgages which began in February. I will be moving out in July and have tenants ready to rent my property. I need to get a letter from Rooftop Mortgages granting consent to let until my term is up to allow me to refinance. How do I go about this?
- We are nine months into a five year residential mortgage with Rooftop Mortgages. Just wondering if it's permitted to lease out the flat on my current home loan. Will Rooftop Mortgages issue consent to let?
- Hello, what documents or paperwork would Rooftop Mortgages require for a consent to let letter?
- What is the process for securing consent to let by Rooftop Mortgages? Are there specific policies for example you have to have owned the property for over 6 or 12 months before its granted?
- Do Rooftop Mortgages grant consent to let? I am just considering this as an option if I move home in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Rooftop Mortgages consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Rooftop Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 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
Omitting to advise 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