Need Help?
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.
Zephyr Mortgages Consent to Lease Example Support Desk Enquires
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What do I do if my application for consent to lease is rejected by Zephyr Mortgages?
- I have a studio flat in Harrow let out which has a fifty year lease. Mortgage broker said I should remortgage (currently with Zephyr Mortgages) as a buy to let instead of consent to let and release 55-60k which on top of a new homeloan based on income multiples would give me a budget of £210k. Limited available in Waltham Forest for me to get my own place. A lease extension will cost 13k. Not sure sure whether to hold on or sell the flat?
- Last month I received consent to let on a standard mortgage with Zephyr Mortgages with aim of moving to a B2L rate when the fixed rate expires within the four months, so I'm not sure if this complications to the issue! Any advice gratefully appreciated.
- After retiring in 2014 I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our nephew and I have consequently applied to Zephyr Mortgages for consent to let. I was just seeking a general view on whether Zephyr Mortgages currently allows it?
- Is there a maximum period that Zephyr Mortgages is willing to grant me the Consent To Let for?
- If I am tied into a fixed rate with Zephyr Mortgages but am thinking of letting out my property, is there a charge for consent to let from Zephyr Mortgages and does the interest rate alter?
- I want to take in in a lodger for my studio flat in Croydon which I live in. My mortgage is with Zephyr Mortgages. How do I go about getting a consent to let?
- Am I required to wait for consent to let to be issued on my existing domestic mortgage with Zephyr Mortgages before applying for a resi mortgage on a second property?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming null and void. 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 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 your covenants under the lease. This could trigger 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 Zephyr Mortgages