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
- My question does not specifically concern consent to let, I was wondering if you have an address or telephone number for a dedicated The Mortgage Business team who deal with consent to let applications. The Mortgage Business has a first charge over my property.
- I have a shared ownership property in Lewisham and will be looking to buy out the rest of the property. However, in the future I may be working in Kenya for a short period of time so would like to know what approach The Mortgage Business take to consent to let as I am considering a remortgage with them. I am by no means sure that they will lend on my property but as an aside can you provide further advice on their consent to let requirements?
- I am interested to know how easy is it to get consent to let from The Mortgage Business. I'm taking a fixed residential mortgage and plan to reside at the property but would like to understand what options are open to me if work has opportunities elsewhere for example in two to three yrs Could you let me know generally how receptive The Mortgage Business are regarding consent to let?
- Last month I received consent to let on a domestic mortgage with The Mortgage Business with a view to changing to a B2L rate when the fixed term ends in a few months' time, so I'm uncertain if this adds to the complexity of the issue! Any insight gratefully appreciated.
- I would like to let out a room in my flat in Camden. Do I need consent to let from my mortgage co The Mortgage Business?
- I am thinking about renting out my property via a consent to let from The Mortgage Business, what charges should I expect to pay?
- Where I have an existing homeowner mortgage with The Mortgage Business and am planning to rent it out in the future will I be given consent to let? What is the procedure and what needs to be done next?
- I want to get consent to let from The Mortgage Business for a couple of years at which point I hope to switch to a B2L. Is this possible
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 information
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
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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