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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
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Just wondered if Virgin choose to operate a right to put a loading on my interest rate on a homeowner mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let products'?
- My wife and I purchased a property ten years ago on shared ownership basis, I own half via bank loan and rent the remaining half. Three years ago I bought a new property. I rented out my first property and moved to the new property. I obtained consent to let from my mortgage company and I was under the assumption I had consent to let from the housing association. Last week I was contacted by the housing association advising they had nothing on record to evidence I had attained consent to sublet. What do I do now?
- I have been offered an excellent job opportunity for 6 months in New York. I do have sufficient money to cover the monthly Virgin mortgage yet the buildings insurance requires continuous residency in order to remain valid. Last December the roof was damaged but repaired. If there happened to be any problems through the winter months I would struggle to cover the remedial works. Will I qualify for consent to let via Virgin for a limited period?
- I have an existing Virgin loan on a house since 2005. Fast forward and I have got married and moved into my husband’s home. As things stand the property is empty and we either need to sell or let it out. Obviously this will not be a short term proposition as the prospect of moving back is unlikely. What should I advise Virgin in order to get consent to let?
- My OH and I wish to lease out my property. Do I simply post a letter to Virgin requesting consent to let out the property?
- I have a mortgage with Virgin on a three year fixed term contract. I could have chance of a teaching position abroad next year. Would I qualify for consent to let from Virgin were I to accept this job overseas?
- I am potentially moving in with my boyfriend but would rather not to sell my flat. What is the process for seeking consent to let from Virgin, and what are the chances that this will be granted?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Virgin would allow it from the start?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental 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
Failure 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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 commencing legal proceedings 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