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Need professional advice for your consent to let with Zephyr Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Zephyr Mortgages consent to lease
- I am with Zephyr Mortgages and just had to ask for consent to let, but wondered if they impose any stipulations on the level of rental income?
- Me and my wife bought a house in 2006 on shared ownership basis, I own half by way of mortgage and rent the other half. In January 2014 I bought a new house. I let out my first house and moved to my new property. I got consent to let from my mortgage company and I believed I had consent to let from the housing association. Last week I was contacted by the housing association advising they had nothing on record indicating I had procured consent to sublet. What do I do now?
- We recently sorted our rates for another fixed five years with Zephyr Mortgages. Subsequently, I attended an interview and basically I accepted the job offer in Southwark. I'm going to rent a two bedroom flat for the family in Bromley as we don't want to sell the house and moreover we might come back within a couple of years.... We really don't know whether it will go. We have contacted Zephyr Mortgages but we would like also your point of view please. Is it possible to receive consent to let in that case as we secured a fixed 5 years rate we would not want to lose this rate.
- We have a flat in Haringey which we purchased as a new-build about eight years ago. As we've now got a young son we require a larger place. We've identified a house in Wandsworth that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Zephyr Mortgages and we've found a tenant who will pay rent in excess of the monthly mortgage amount. Our question is, can we hold onto the repayment mortgage with Zephyr Mortgages so we effectively paying off our loan on the property or must we to swap to a buy-to-let product?
- What is the longest period that Zephyr Mortgages is willing to issue Consent To Let for?
- I would like to rent out my flat for three years max. How do I go about getting consent to let from Zephyr Mortgages who I have a mortgage with?
- In the event that I was successful in obtaining consent to let from Zephyr Mortgages, could I sell during the consent period? Is it possible that I would incur any penalties?
- Please can you provide me with details of how to go about obtaining consent to let from Zephyr Mortgages and what, if any, fees I face.
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Information to consider in in addition to the above Zephyr Mortgages 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
Omitting 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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Zephyr Mortgages