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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.
Common questions relating to The Mortgage Lender consent to lease
- Me and my husband were looking to buy a maisonette with a £20,000 down payment with the intention of moving in. Somewhat fortuitously the in-laws have plans to move to New York for a while so we would be moving into the in-lawsRedbridge property to "housesit". If we were to proceed with a residential mortgage with The Mortgage Lender would we likely encounter any difficulties with obtaining consent to let ?
- Just looking for some information, I have a mortgage on an apartment with The Mortgage Lender and I am pondering on the idea of renting my property out. Could this be done without transferring my mortgage or obtaining consent to let from The Mortgage Lender?
- I have a The Mortgage Lender mortgage on a flat I own, in Barnet. This year, resulting from a change of personal circumstances I decided to let out this flat, and rent another property in a different area within same loc. The personal circumstances that altered is that I started living with my partner, and the flat is not big enough for us. I would rather not dispose of the flat because the current market value is significantly lower than when I acquired the flat seven years ago. I applied to The Mortgage Lender for a consent to let which was turned down because they determined that my intention was to invest in the flat. The whole process was very confusing. There is a sense of urgencyas I have a prospective tenant waiting for this consent to let and may pull out.Please call me to discuss
- My wife and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We presently have a The Mortgage Lender mortgage. What are the fees involved and time limits on consent to let agreements?
- My lender refuse to grant consent to let until I have a move in date confirmed with a tenant. How can I confirm this without consent to let? I am not sure but I think my friend had a similar issue with The Mortgage Lender.
- I am thinking about moving in with my partner but prefer not to sell my property. What is the process for requesting consent to let from The Mortgage Lender, and what are the chances that this will be granted?
- We have a mortgage with The Mortgage Lender on our garden flat in Harrow. We are hoping to buy a new house to move into. How do I switch our existing mortgage on to consent to let?
- I currently have a residential mortgage with The Mortgage Lender and plan on letting due to work being based in Luton. In seeking consent to let from The Mortgage Lender do I run the risk of them forcing me to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above The Mortgage Lender consent to let Questions and Answers
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
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 notify them could result in your insurance becoming null and void. 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 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
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Lender