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.
Virgin consent to let: Q and A’s
- I have had consent to let via Virgin for a while now but they now wish to speak with me and I expect their plan may be to get rid of me. Are you able to assist?
- Having spent twenty years in London, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Virgin. In Haringey, we are be looking at a 4 bedroom house around the £350k mark. I would preferably like to retain my existing apartment. Could I ask for Consent to Let from the proposed new lender Virgin. If granted what are the likely conditions?
- My fiance and I might have to let out her apartment, and I have a question concerning obtaining consent to do so. I know I need to notify Virgin and get a consent to let or transfer to a BTL product. But the property is leasehold, so do we have to get consent to let from the management company?
- I got a normal mortgage with Virgin last October and then had to relocate due to my job, I am now considering letting my flat out for a year whilst I am away. Am I able to get a consent to let from Virgin, and what effect would this have?
- Are you able to give me some preliminary help re consent to let? We have a mortgage with Virgin and are thinking of leasing the place out for two years, but cannot really afford to convert to a buy to let mortgage. The estate agent mentioned something about a content to let
- Will Virgin want to know why I am seeking consent to let? Should I inform them of my possible move abroad?
- I am hoping to fix my homeowner mortgage with Virgin but as a result of my job I may have to go abroad for few years. Will Virgin allow and give consent to let and there be any penalty
- I am intending on relocating within the next 6 months and want to let my house out. My interest rate is fixed with Virgin. I am worried a rate hike would be too much if that was a condition of receiving consent to let
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 Info
Tax and Legal
There may be various 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from 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
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Virgin your property may be repossessed