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 Lease Example Support Desk Enquires
- In what situations will consent to let for a property be given from The Mortgage Works? For what period of time do you have to have had ownership of the property before consent to let can be granted by The Mortgage Works? By way of background I am a newly qualified doctor in a home bought a few months ago. A dream job offer involving moving to Southwark permanently has presented itself. I am interested in gaining consent to let in the first instance in order to renting the property out to cover the expense of the The Mortgage Works mortgage.
- I own a studio flat but I am seldom there, exploring the option of renting it out. My mortgage is with The Mortgage Works, would I have to convert my mortgage product or do I apply for consent to let?
- I have been in the Royal Navy for five years and am looking to buy a house with a The Mortgage Works mortgage. I would like to obtain consent to let the house to my mother and father in law. In years to come I would live in the property with my family when my military career comes to an end. Is this feasible?
- Is it right that mortgage companies (I have a mortgage with The Mortgage Works) may start adopting a more accommodating approach towards consent to let? A mortgage adviser recently told me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. So if I move from a residential to a BTL I am moving to a regulated product. His belief was that under the current regulation banks are wary of letting borrowers do this, which is likely why some banks will let customers apply for consent to let but not switch to a BTL mortgage. Is he right?
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Southwark. What are the chances of being given consent to let by The Mortgage Works without being forced onto a BTL product.
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage provider The Mortgage Works. Will any consideration be given to the fact that I only recently out the mortgage three months ago?
- I would like advice as to how to go about obtaining consent to let from The Mortgage Works and what, if any, cost apply.
- Is consent to let required from The Mortgage Works if I am intending to reside in the property myself for half of the year? In addition if I obtain consent to let for a limited time, say up to 2 years, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above The Mortgage Works 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 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 Works your property may be repossessed