Need Help?
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.
The Mortgage Works consent to let: Q and A’s
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Is consent to let needed from The Mortgage Works or can I lease out my garden flat without telling The Mortgage Works and having to switch to a buy-to-let mortgage?
- Are you able to tell me what The Mortgage Works charge for consent to let out part of my garden flat? Any advice would be appreciated.
- If I were to let out my 2 bed flat with consent to let by The Mortgage Works, what evidence would be required of tenancy? If after 1 year I decided to let it on a series of short term lets, am I still required to supply evidence to The Mortgage Works, or will they be content provided they receive payment each month? By way of example if I rent the rooms out separately at some point in the future, is there any reason for The Mortgage Works to know and would they take issue?
- I have a The Mortgage Works mortgage and have been renting my flat minus consent to let, which I am now led to believe means I am in breach of my mortgage conditions. They may have suspicions that I am not residing there. Is my best option is to dispose of the apartment prior to being repossessed?
- I have a mortgage with The Mortgage Works on a three year fixed term contract. I may have chance of a teaching job overseas next July. Would I be eligible for consent to let by The Mortgage Works if I took this job abroad?
- My partner and I have a owner-occupier mortgage with The Mortgage Works and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the ramifications of making the change and any facts that we need to be aware of.
- Our The Mortgage Works mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- Not sure if you can help What do I need to do to get consent to let from The Mortgage Works? And what are the costs involved?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above The Mortgage Works consent to let Advice
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 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 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
If your property is leasehold, the lease may prohibit 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Works