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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.
Recently asked questions relating to The Mortgage Business consent to lease
- Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It is on the market and I am struggling to sell. This is because my neighbour is noisey. I had no choice but to mention it on the disclosure sheet. I am with The Mortgage Business on a fixed rate. It has been suggested to me that I should obtain consent to let by The Mortgage Business and rent the flat for a couple of years.
- I vacated my apartment about seven months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending next month and I am thinking about getting a new mortgage anyway. I want to ask for the letter now, is that going to be forthcoming?
- What is the maximum period of time permitted by The Mortgage Business that I would be able to let my property before having to switch mortgage or sell my house? Essentially, my boyfriend has asked me to move in with him and I really want to hold onto my house. I would like the comfort of knowing I still have my own property.
- Require some information about renting a property and consent to let. In the coming months I plan to move in with my fiance. The local authority would like to rent my flat for three years guaranteed with rent being paid and maintenance. The flat was purchased with a mortgage by The Mortgage Business. Please help
- We are looking for some preliminary advice re consent to let? We have a mortgage with The Mortgage Business and are thinking of renting the property out for a couple of years, but cannot really afford to switch to a buy to let mortgage. The estate agent mentioned something about a content to let
- I am looking at moving overseas for work and would like consent to let from The Mortgage Business whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to The Mortgage Business? Letting the property isn't to make money but to retain the house in case things don't work out
- I was just looking into consent to let as it's something potentially I require from The Mortgage Business within the next 12 months. Our family circumstances has changed, and I wish to lease my place out
- Just a quick one. Will 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 conjunction with the above The Mortgage Business consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Neglecting to advise 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