Need Help?
Need professional advice for your consent to let with Virgin Money plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Virgin consent to lease
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For the last few months I have been letting out my flat in Haringey. I didn't request consent to let. I moved to Surrey for a job opportunity and was unable to cope with the traveling but was nervous that Virgin would charge me through the nose so I decided to take the risk. I'm looking to legitimise it now... basically continue leasing it but with consent. Can you offer any advice as to how I go about doing this?
- Can you confirm if it is likely that I will obtain a consent to let with normal loan with Virgin? We are looking to relocate to Enfield to live nearer to our kid’s university, but we are uncertain if the relocation will be beyond a couple of years.
- My granddaughter is going to work overseas for two years and would like to lease her property out. She has a Virgin fixed rate mortgage on repayment and wants consent to let the property as well as switch to interest only. What does she need to do?
- Me and my fiance hope to buy a place together. Plan is for me to get consent to let my flat from Virgin. Thinking a little down the line however - when my 2 year fixed comes to an end - how would it work if I sought to remortgage my flat?
- Me and my brother are considering applying to Virgin to obtain consent to let our house, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- Last month I completed on a flat using a Virgin home loan. However I am presently living with parents. I don't want to move in until next January due to some family reasons. In interim can I let out the property with consent to let?
- I currently have a residential mortgage with Virgin and plan on letting due to work being based in Bristol. In asking for consent to let from Virgin do I run the risk of them forcing me to change deal to B2L
- Are you able to confirm what the procedure would be if we bought a second property and need to apply for consent to let for our existing mortgage with Virgin
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Virgin 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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Virgin