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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.
Virgin Consent to Lease Example Support Desk Enquires
- I would like to let my existing property and want to acquire a bigger house for the family. I have a fixed rate mortgage with Virgin. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after a couple of years with an alternative lender? Will it have to be buy to let mortgage and not a domestic mortgage?
- I accept that I have been most reckless in not informing Virgin that I’m renting my ground floor flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m worried that my insurer will contact Virgin, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I have had very few viewings. This is probably due to an ongoing dispute with the family next door. I was obliged to put this on the disclosure sheet. Mortgage is with Virgin on a fixed rate. Someone mentioned I should get consent to let via Virgin and rent the property out.
- I am looking for some feedback as to whether consent to let from Virgin is the right approach. I acquired my house nine months ago by porting an existing Virgin mortgage product. My fixed term expired 4 months ago I'm currently considering moving in with a new partner. I would prefer not to sell my house yet because I'm unsure of whether the new move will work out. Would it be likely that Virgin would grant a consent to let based on me letting out my property on a short hold tenancy for 1-2 years and then I will commit to a B2L product or sell it?
- Will Virgin want to know why I am seeking consent to let? Is it wise to inform them of my potential move abroad?
- Please can you tell me the circumstances under which Virgin will decline a consent to let application?
- Do you know whether Virgin will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Virgin let me raise capital based on the rental revenue ?
- My brother and I have a mortgage with Virgin on our garden flat in Newham. We are planning to buy a new house and move in there. How do I move my existing mortgage on to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Virgin consent to let Questions and Answers
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
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Virgin