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Need professional advice for your consent to let with The Mortgage Works? 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 Works consent to lease
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Always on the look out for a money making scheme I am contemplating leasing out my apartment and make money from it during my vacation. It’s only for a fortnight. Do I need consent to let from The Mortgage Works?
- I have recently applied for consent to let from The Mortgage Works, but it would be useful to know if they pose any requirements on the level of rental to be received?
- I purchased a property ten years ago on shared ownership basis, I own 50% via mortgage and rent the other half. Last year I purchased a new home. I let out my first property and moved to the new home. I got consent to let from my mortgage company and I was under the assumption I had consent to let from the housing association. Last week I was contacted by the housing association saying they had nothing on record to evidence I had their permission to sublet. What are my options?
- My husband and I may have to rent his apartment out. I am aware that I must obtain consent to let by The Mortgage Works. We plan to join a landlord association if we decide to let the property, but which of the two should we register with? We've seen the RLA and National Landlords Association.
- I own a leasehold flat. I would like remortgage with The Mortgage Works and either change to buy to let or consent to let. I'm still inside the redemption penalty period so not sure if it would trigger the penalty payment?
- I am potentially moving in with my fiance at his home and would like to rent out my property that I acquired twelve months ago, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from The Mortgage Works If I obtain consent will my mortgage payments increase?
- I have had my mortgage with The Mortgage Works for the previous twenty months and I am interested in finding out some more information about the possibility of getting 'consent to let’.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with The Mortgage Works. My property is worth approx £250k and owe £85k on it. Do you think The Mortgage Works increase my mortgage rate?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above The Mortgage Works 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
One thing to remember when arranging a consent to let mortgage with The Mortgage Works 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 standard 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 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 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 taking legal action 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 Works