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.
Frequently asked questions relating to The Mortgage Business consent to lease
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We just received consent to let from The Mortgage Business. After some effort, The Mortgage Business have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- How much does it cost to receive consent to let from The Mortgage Business and is there a minimum amount of time I should have lived in the property?
- I was planning to call The Mortgage Business to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would look online. I was wondering if if you could direct me to a site where I could download this form on the net?
- Am I required to inform The Mortgage Business of my intention to rent my property out as a holiday let for twelve weeks. Can you shed any light on this? I am taking independent advice on the insurance, legal and tax side of things .
- I'm about to change mortgage provider to The Mortgage Business for a fixed rate but the likelihood is that I will need to rent the property out for just under 12 months. Do The Mortgage Business consent to let on fixed rate mortgages and if so, what are the costs.
- Me and my husband have a mortgage with The Mortgage Business but am told they have a policy that they do not give consent to let the property to a local authority. Is this right and if so, is there a method round this?
- I would like some guidance on how best to approach my mortgage provider The Mortgage Business regarding a 'Consent-to-Let' application. Is this something you can assist me with ?
- I am currently in the process of applying for a mortgage through The Mortgage Business - There is a likelihood that in the coming months I may decide to rent the property out - how would I swap the homeowner mortgage to a BTL mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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 inform them could result in your insurance becoming invalid. 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 conditions are not complied with you may be in violation of the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with The Mortgage Business your property may be repossessed