Need Help?
Need professional advice for your consent to let with The Mortgage Business? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to The Mortgage Business consent to let
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My husband and I acquired a mews house in 209 for 185,000 with The Mortgage Business. My husband’s job requires him to relocate to Cyprus and now wish to request consent to let from The Mortgage Business. Do you have any experience of consent to lease from The Mortgage Business?
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My better half and I intend to relocate to New Zealandin Month, possibly short-term but it could be longer term. I have contacted The Mortgage Business to obtain consent to let out our property (we have already found tenants). The mortgage has been in place with The Mortgage Business for Six years and no payments have ever been missed. The Mortgage Business tell me, that even if they consent to the letting, that this will be limited for one year. After the year is up what happens next?
- Hello, I have a mortgage on an apartment with The Mortgage Business and I am pondering on the idea of letting my property out. Could this be done without switching my mortgage or getting consent to let from The Mortgage Business?
- As a result my job, I am confident that The Mortgage Business will grant me with Consent to Let from the outset of owning a property. I currently intend to purchase a property in Bexley and let it out, I will remain in the house that is provided (rent payable) by my employer. As I will be leasing out the property I will clearly have to prepare a Self Assessment Tax Return, but I just want to check that although it is the only house I own (and it is not on a buy to let mortgage), can I utilize Tax relief for the interest on my mortgage and the associated costs of letting out the property. I can only find information for those with a buy-to-let mortgage, but mine will technically not be B2L.
- My wife and I want to move home and have found a house we wish to purchase so are considering leasing out with consent to let from The Mortgage Business for our original property to allow us to make an offer and not miss out on the potential new property.
- Is it the case that a prior extension to a mortgage term with The Mortgage Business be held against us when we sought consent to let from The Mortgage Business.
- I have a homeowner homeloan with The Mortgage Business. I acquired the property in November two years ago. What are the options and criteria for consent to let.
- How likely is it that The Mortgage Business force me into a consent to let product whilst in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above The Mortgage Business consent to let Questions and Answers
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 notify them could result in 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 The Mortgage Business