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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 let: Q and A’s
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Colin (my husband) and I may need to let our Redbridge home temporarily due to a career opportunity. This will be for a limited period but possibly for as long as 2 years. Should I tell Virgin or do I not rock the boat?
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Are any options available to me if my application for consent to let is rejected by Virgin?
- I'm buying a ground floor flat in Croydon. I am only looking to be there for nine months, and subsequently move into a larger flat. As opposed to disposing of the first apartment my preference would be to let it out so that it becomes an investment. Do you know if Virgin would give consent to let in such circumstances?
- As we are relocating and unable to find a buyer for our house, we are thinking about letting it out. Is it necessary to inform Virgin? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I was thinking that as long as I continued paying on time it shouldn't be a problem, but am now worried about insurance implications if we haven't got consent to let. Any advice?
- Is there a maximum period that Virgin is willing to issue Consent To Let for?
- If I let my house out with consent to let from Virgin will will theybump up the interest rate? I am presently on a fixed rate for two years.
- Assuming that I was successful in obtaining consent to let from Virgin, could I sell during the consent period? Is it possible that I would incur any penalties?
- I have a mortgage with Virgin. I am thinking of moving out and leasing out my house. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Virgin consent to let Advice
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
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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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