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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.
Common questions relating to Virgin consent to lease
- My daughter is going to work overseas for twelve months and would like to let her apartment out. She has a Virgin fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- My partner and I (co-owners) are in the process of refinancing with Virgin. I was doing some research concerning consent to let from Virgin to understand the rules around potentially letting our current property out (probably in a year or 2) if we moved away. The apartment in question was a first-time purchase for us about 2 years ago. We are living there at the moment.
- Hi, I have consent to let my house with Virgin and am now looking to give my tenant 2 months notice as I wish to sell the property. I am worried about the property being vacant once the tenant leaves and finding a purchaser. I have never missed a payment on the account, would it be possible to take payment holidays pending the sale of the property?
- I understand that this is a contravention of Virgin terms and conditions of mortgage if I lease out my property having indicated that I intend to live there. The plan is to repay the mortgage after four years, by which time I will become the outright owner, meaning I no longer require any consent to let. Virgin advised me I can overpay as much as I like during the lifetime of the mortgage. I have someone who is interested in renting the property. What are the chances of Virgin finding out? Can you set out connotations of not getting consent to let? From what I have read there is a possibility of Virgin levying a fine
- We are about to buy a flat and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the rules are on consent to let from Virgin? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- I have a mortgage with Virgin at the moment and just enquiring where I can I get a consent to application form from
- Six months ago I purchased a flat with a Virgin home loan. However I am currently living with parents. I don't want to move in until May 2017 due to some family issues. In meantime can I lease out the property with consent to let?
- Please can you inform me how much the fees are and if Virgin usually give consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
One thing to remember when arranging a consent to let mortgage with Virgin is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Should the tenure of your property be 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Virgin