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.
The Mortgage Business Consent to Lease Example Support Desk Enquires
- A friend of mine recently sought CTL from the Woolwich which they declined because the mortgage had not been going for six months. I am about to ask for consent to let from The Mortgage Business. Will they take the same stance?
- Am with The Mortgage Business and wonder if I am obliged to disclose if we no longer reside in my house. I believe that they may up the interest rate if we move and find a tenant but it's far from obvious what the increase would be. If I decide to lease my house out and seek consent to let in what way would the payments change?
- As a result of a change in family circumstances my husband and I are housesitting my parents house while they are away and letting our home out. We are going to need for consent to let from The Mortgage Business. Will this be granted? We will need to remortgage in the next year will we then switch to a BTL product. We intend to return to our flat at within the next twelve months?
- Last month I got married and my wife and I would like to buy a family home in the coming year, whilst keeping our ground floor flat in Merton we currently live in to rent out. Mortgage on the flat is with The Mortgage Business. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
- My partner and I are planning to ask The Mortgage Business for consent to let out our house in Merton. We are moving overseas for 2 years and wish to rent out the property. I failed to check this out when we took the The Mortgage Business mortgage, and that was due to the fact that we never thought an opportunity would arise such as this so was planning on living in the property.
- The Mortgage Business homeowner mortgage. Will they issue consent to let a property for three years? I plan to return as an owner.
- My partner and I have a letter to The Mortgage Business requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- I am interested in further information regarding consent to let home loans, potentially transferring our existing mortgage with The Mortgage Business over to a consent to let one.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above The Mortgage Business consent to let Advice
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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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 commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Business