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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.
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.
Exciting times as my wife and I will move back to New Zealandin Month, initially for a little as 9 months but it could be longer term. I'm in the process of writing to Virgin for consent to let out my property (we have already found tenants). The mortgage has been in place with Virgin for 9 years and I have never had any arrears. Virgin inform me, that even if they grant consent to let, that this will be a temporary arrangement for a single year. What happens after one year?
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.
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 notify them may trigger 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.