Need Help?
Need professional advice for your consent to let with The Mortgage Lender Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to The Mortgage Lender consent to lease
-
The Mortgage Lender have just granted me consent to let. After some effort, The Mortgage Lender have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. Can you explain what this is?
- I want to purchase a second house having recently purchased a maisonette on domestic mortgage. Looking to purchase in a few months time. I have been advised that I may have to get a consent to let from The Mortgage Lender, my current mortgage provider? What is the best way to manage this and obtain the permission required.
- I acknowledge that I have been extremely naive in not informing The Mortgage Lender that I’m renting my property out. Ideally I would like to do the right thing with as little adverse implication as possible. If The Mortgage Lender says yes, how would you rate the chances of them finding out historically that the property was let without consent?
- How long must you be the registered owner of a property before you can get consent to let ,the lender is The Mortgage Lender? If given, can it be retracted at a later date?
- I have a consent to let letter that I have attained from my management company. I would think I need to attaching this with a letter to The Mortgage Lender with a view to being given consent to let from them. What address shall I forward it to?
- I am potentially moving in with my girlfriend at her home and would like to rent out my property that I purchased last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from The Mortgage Lender If I obtain consent will my mortgage payments rise?
- Was wondering how to seek a consent to let from The Mortgage Lender who I have a mortgage with. There is an outstanding balance of 87k. The value of property is 220k. Property is in my name but my wife and I would like to purchase a garden flat in Lewisham we have seen together. How do we go about this?
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a domestic mortgage with The Mortgage Lender
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above The Mortgage Lender 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
One thing to remember when arranging a consent to let mortgage with The Mortgage Lender is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with The Mortgage Lender your property may be repossessed