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
- I have to move my son’s school by mid-September and move to a new area. I don't have time to sell my house.The only way I can see of doing it is to let my house out. Currently I have standard occupiers insurance. Do I need different insurance? What should request from Virgin regards to consent to let?
- If I decided to let out my garden flat with consent to let with Virgin, what evidence would be required of the letting? If after twelve months I decided to let it on a series of holiday term lets, am I still required to supply proof to Virgin, or will they be content provided i keep up with the payments? For example if I let the rooms separately at a later stage, is there any reason for Virgin to be informed and would they take issue?
- I have a Virgin mortgage and have been renting my apartment without consent to let, which I am now led to believe means I am in breach of my mortgage Ts and C’s. I think I have come onto their radar that I am not living there. Is my only option is to sell the apartment before repossession?
- What is the maximum period of time allowable to Virgin that I would be able to let my property without having to switch mortgage or sell my house? In short, my partner would like me to move in with him and I really want to hold onto my house. I would like the security of knowing I still own my own property.
- We are nine months into a three year residential mortgage with Virgin. Just wondering if it's ok to rent out the property on my current mortgage. Will Virgin give consent to let?
- I am looking to Virgin to issue me with consent to let out my home in Newham. I am moving to Norway for Six months on a secondment.
- I have a mortgage with Virgin and am debating whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
- I have a granny flat attached to our property. Do we need consent to let this from Virgin? If so, what is the process if I would like to switch the mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
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
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 conditions are not complied with you may be in violation of your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Virgin your property may be repossessed