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.
Sample questions relating to Topaz Finance consent to let
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Always on the look out for a money making scheme I am contemplating leasing out my flat and make money from it during my vacation. I only plan to be away for ten days. Is advanced consent to let from Topaz Finance required?
- Please can you give me a little info on what the process is for applying for content to let, what do I need to do. I am considering a Topaz Finance mortgage on a £350,000 property on the coming months. The intention is to hold the house as a second home but I would like to consider what options are available to me to let the property in the future. If our circumstances were to change the house would either be sold or rented.
- After having retired last year I purchased a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our grandson and I have consequently asked Topaz Finance for consent to let. I was just seeking a general view on whether Topaz Finance currently allows it?
- For two years now I have been with Topaz Finance and have just renewed a fixed rate. The loan to value is about 28%. We now must move into my elderly mother-in-law's house to care for her, it would preferable to let our house out - do I require consent to let from Topaz Finance and is it likely to cost much?
- Will Topaz Finance want to know my reasons for seeking consent to let? Is it wise to disclose my potential move overseas?
- I am looking to Topaz Finance to issue me with consent to let out my basement flat in Islington. I am moving to Germany for 6 months for work.
- My two year fixed rate with Topaz Finance will soon come to an end shortly and I will go on to the standard variable rate. Can you tell me if consent to let from Topaz Finance is likely, if there are fees, and if there are time limits?
- I wish to apply for consent to let from my lender Topaz Finance to rent out my flat. I am potentially moving in with myfiance. Do Topaz Finance issue consent to let in these circumstances?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Topaz Finance 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Topaz Finance your property may be repossessed