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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Having endured living in a rough area for 3 years now, we are now looking to move. As selling the flat will trigger a hefty early repayment charges to Topaz Finance of £4000, we thought that it would best to let it out. So, we need to obtain a consent to let from Topaz Finance only a year. Will Topaz Finance grant consent?
- I own a maisonette but I am seldom there, deliberating the possibility of renting it out. My mortgage is with Topaz Finance, would I have to move onto a new mortgage deal or should I try to get consent to let?
- I currently have a homeowner mortgage with Topaz Finance. My company has offered me a home as part of my job and would like to rent out my current property. My mortgage advisor seems confident that it is straightforward process. Can you give me some information please?
- Is it possible? The property has a mortgage against it with Topaz Finance (with a large chunk of equity). We are planning to move out of Bristol and if at all possible would like to to lease out our house with consent to let from Topaz Finance and use the income from that to help get approval for a 2nd mortgage for a house to live in. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I have a Topaz Finance home loan currently and potentially want to let it out for a short period of time with consent from Topaz Finance for (two years). Just wanted to know is it something that is obtainable relatively quickly?
- I recently purchased a apartment using a Topaz Finance mortgage. However I am currently living with mother and father. I don't want to move in until for nine months due to personal reasons. In meantime can I let out the property with consent to let?
- We 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 July or August and would like to be able to let our property out. Is this possible with a homeowner mortgage?
- I want to apply for consent to let from my lender Topaz Finance to rent out my house. . Can you tell me whether Topaz Finance give consent to let in this scenario?
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Important warnings to consider in further to the above Topaz Finance 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
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 may result in your insurance becoming null and void. 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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