Need professional advice for your consent to let with Together Personal Finance Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Will Together Personal Finance invoke a right to change the rates on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their BTL products'?
Can a new mortgage be taken on a consent to let with Together Personal Finance?
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.
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 trigger 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
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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to inform 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.