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.
Frequently asked questions relating to Topaz Finance consent to lease
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We acquired a garden apartment in 2007 for 230,00 with Topaz Finance. My husband’s job requires him to relocate to Belgium and appreciate that I have to apply for consent to let from Topaz Finance. Do you have any experience of consent to lease from Topaz Finance?
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Is consent to let needed from Topaz Finance or can I let my new house without telling Topaz Finance and having to switch to a B2L mortgage?
- In what circumstances will consent to let for a property be given by Topaz Finance? For what period of time do you have to have had ownership of the property before consent to let can be negotiated with Topaz Finance? By way of background we are moving abroad for 20 months with my wife’s work and will need to rent our house. I would be looking at getting a consent to let in the first instance to be able to put a tenant in it to cover the expense of the Topaz Finance mortgage.
- Much to my surprise I have been offered a once in a lifetime job opportunity for 6 months overseas. I have enough money to pay the monthly Topaz Finance mortgage yet the block insurance requires continuous residency in order to remain valid. Last winter the roof had some leaks that were repaired. Should there be any problems during the winter months I would struggle to afford repair costs. How likely is it that I will get consent to let by Topaz Finance for the time I am overseas?
- I am looking for information on the requirements that Topaz Finance set for consent to let? Are you able to help?
- We are endeavouring to discover which lenders are best for allowing consent-to-let without hiking up rates, and hopefully permitting more than 2 years if necessary. Is that something you can help with? We are particularly interested in Topaz Finance
- My husband and I have had my home loan with Topaz Finance since 2007 and always made payments If I sought consent to let would it be granted?
- I am planning on relocating within the next nine months and would like to lease my flat out. My interest rate is fixed with Topaz Finance. I am concerned that a rate hike would be too much if that was linked to receiving consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Topaz Finance consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Topaz Finance