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.
Examples of recent questions relating to Virgin consent to let
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I am about to join the property ladder interested in a small house in Virgin. I have a good size deposit and expect a mortgage from Virgin. My predicament is that my partner owns a flat in Slough and I can foresee myself moving in next year, when I would want to let out my property. I understand that consent to let is required but it does not sound like there is any certainty. Is there any advice you can impart?
- My fiancee and I are first-time buyers, presently renting. We would ideally like to buy a one bedroom first floor purpose built maisonette in Croydon. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we have to get a B2L loan? Would it be possible to have a domestic mortgage with Virgin, because we intend to move there soon? Or could we live there for half a year, then start renting it with consent to let from Virgin? I'm only interested in suggestions that are entirely legitimate, and wouldn't breach the terms of the mortgage with Virgin.
- I am already a Virgin mortgage borrower seeking consent to let on an existing property. We would like to purchase in close proximity to where we are based with the Royal Marines,... but we may have to move.
- For a couple of years now I have had a mortgage with a friend on our apartment which is up for renewal 12th July. I am having to relocate to Bristol for my Job in this summer. Is it possible to transfer for a consent to let mortgage with Virgin?
- Is it possible that Virgin would have an internal record as to whether consent to let was granted for a specific property?
- I would like to know if I have a normal mortgage with Virgin and decide to let it out, does the rate change and are there any supplemental charges for applying for consent to let.
- Will I need consent to let from Virgin if I am intending to live in the house myself for three months of the year? Also if I obtain consent to let for a period of time, say up to twelve months, what happens thereafter.
- We are mulling over a remortgage offer with Virgin and it's likely I will need take advantage of any consent to let option if available during the fixed period. Are there any fees I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to 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
Failure 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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