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
- Please explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It is on the market and I have had very few viewings. This is because my neighbour is noisey. I was obliged to put this on the disclosure form. I am with Virgin on a standard variable rate. Someone mentioned I should get consent to let by Virgin and let the property out.
- I have a property in Enfield with a Virgin mortgage but I no longer live there. My brother moved in but is there rent free. I currently live in rented premises and am keen to buy a house. I have identified a dream property at reasonable price. I have sufficient for a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a BTL mortgage simultaneously. Can I switch the current Virgin mortgage for my old apartment into a consent to let and use my reserves to pay a larger deposit for the residential mortgage on the property that I am looking to purchase?
- We are currently in Dubai and renting out our flat in the UK. This is not something we planned but an opportunity came up and we took it. The rent achieved on the property is not enough to cover the mortgage so we transfer funds each month to make up the shortfall. Earlier today our lender got in touch telling me that as the property is being let out and has been for almost two years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell up but this will be far from easy as I am so far away. Could we remortgage with Virgin and get consent to let?
- I have been in the Royal Air Force for six years and am looking to acquire a house with a Virgin mortgage. I would like to get consent to let the property to my mother and father in law. In the future I would reside in the property with my wife and kids when my military career comes to an end. Will I need to apply to my superior officer to request permission to rent it out?
- I am interested in some guidance on how best to approach my mortgage provider Virgin regarding a 'Consent-to-Let' application. Is this something you can help with ?
- My wife and I have an annexe in our garden. Do we need consent to let this from Virgin? If so, what is the process if I wish to change my mortgage to consent to let?
- Are you able to advise me how much the fees are and if Virgin typically grant consent to let without switching to a commercial rate?
- Are you aware if there is usually a required loan to value amount before Virgin will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Virgin consent to let information
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
Where 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 could 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 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Virgin