Need Help?
Need professional advice for your consent to let with Topaz Finance plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Topaz Finance consent to lease
- At the moment have a five year fixed term mortgage with Topaz Finance that we're approximately 18 months into. Our circumstances have now altered and we would like to let out our property for a year and move to another town. How do we minimise the possibility of Topaz Finance refusing to grant consent to let.
- Last month I received consent to let on a residential loan with Topaz Finance with a view to changing to a buy-to-let rate when the fixed term ends in a few months' time, so I'm uncertain if this complications to the issue! Any information gratefully appreciated.
- I rented my house out for three years between 2010-2013 while working abroad. I have a letter dated January 2010 from my lender granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender Topaz Finance for the house I wish to purchase.Can this be correct
- I took a loan out on a ground floor flat last November however I will be working outside of commuting distance of Merton for the foreseeable future but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do hope to return to Merton so would like to keep it. How difficult is it to get consent to let from Topaz Finance and what are the financial implications ?
- I am seeking consent to let for my house as I am moving out for nine months currently fixed Topaz Finance mortgage with three years which is due on December next year.
- My partner and I took out a mortgage with Topaz Finance a few months ago and although it's still early days we may have to relocate around next September or October and would like to be able to lease our apartment out. Is this possible with a non-commercial mortgage?
- My mortgage is presently with Topaz Finance and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
- Seven weeks ago I completed my homeloan with Topaz Finance since when my boyfriend has proposed and we are deliberating whether to live in his house or mine. Would I be issued consent to let if I decided to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Topaz Finance consent to let Advice
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 Topaz Finance 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
Should the tenure of your property be 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.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Topaz Finance your property may be repossessed