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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.
Zephyr Mortgages consent to let: Q and A’s
- I have had a mortgage for eight years with Zephyr Mortgages. My partner has recently acquired a property in Hillingdon and I have the opportunity to live with him. Is it possible for me to lease out my apartment with consent to let in case I need to move back? Also what legal documents must I provide Zephyr Mortgages with when filling in the consent to let form?
- Am I required to inform Zephyr Mortgages of my plan to rent a shed out on the grounds of my property. Can you help clarify? I am taking independent advice on the insurance, legal and tax side of things .
- Me and my OH have a flat in Barnet which we purchased as a new-build approximately eight years ago. As childen are growing up we require more space. We've found a property in Tower Hamlets that we're going 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 which more than covers the monthly mortgage payment. Our query is, can we hold onto the repayment mortgage with Zephyr Mortgages so we effectively paying off our mortgage on the flat or must we to swap to a buy-to-let mortgage?
- At the moment I am looking to purchase my first property however, I am self employed. I I would like to find a lender that will permit short term letting with a domestic mortgage so that I could lease out the property for 6-9 months with long periods of absence without being compelled to a buy to let mortgage. Can you let me know how lenders would perceive this and in particular the approach taken by Zephyr Mortgages.
- What do the Zephyr Mortgages terms and conditions for consent to let look like?
- Me and my wife took a mortgage with Zephyr Mortgages but am informed they have a stipulation that they will not grant consent to let the property to a housing association. Is this true and if so, is there a way to bypass this?
- I am going away for work for as long as a year... I was wondering if I was able to procure from Zephyr Mortgages consent to let the property out while abroad as I do not want to leave it vacant for that period
- I have a mortgage with Zephyr Mortgages but am wanting to rent my house out and move in with my GF and baby what is required to get consent to let?
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Important warnings to consider in further to the above Zephyr Mortgages consent to let Info
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
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
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 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
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Zephyr Mortgages your property may be repossessed