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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.
Recently asked questions relating to Zephyr Mortgages consent to lease
- I need to explore if I can receive consent to let on my existing property. I have a mortgage with Zephyr Mortgages but my situation has changed. I'm about to move in with my partner and son who have a house and more room than my small flat. I doubt I will qualify for a buy to let mortgage as I don't have money for a deposit nor do I earn more than £25000 a year.
- Meeting with my broker on Tuesday. I will seek Consent to Let from my current lender Zephyr Mortgages. My new property in Greenwich will be 90% loan to value. I have been told by a friend that some lenders still dont accept consent to let customers and I may encounter difficulties regarding my new mortgage. Is there any truth in this?
- I have a three year fixed rate mortgage with Zephyr Mortgages which began in December. I will be moving out in March and have tenants ready to let my flat. I need to get a letter from Zephyr Mortgages granting consent to let until my term is up to allow me to refinance. What is the process for going about this?
- Is it correct that lenders (my home loan is with Zephyr Mortgages) have changed tune and are now taking a more relaxed approach towards consent to let? A broker recently informed me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a owner-occupier to a Buy to let I am moving to a regulated product. He suggested that under the current regulation banks are wary of letting borrowers do this, which is likely why some mortgage companies will let borrowers apply for consent to let but not swap to a Buy to let mortgage. Is he correct?
- I want to fill a consent to let form for permission to rent from Zephyr Mortgages, where do I get it from?
- My husband and I are looking to ask Zephyr Mortgages for consent to let out our property in Brent. We are moving overseas for three years and would like to to rent out the property. I failed to look into this when we took the Zephyr Mortgages mortgage, and that was due to the fact that we never foresaw an opportunity would arise such as this so was planning on living in the house.
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from Zephyr Mortgages and let my garden flat out if I move in with her?
- My Zephyr Mortgages mortgage rate is up this year can I go on a interest only with consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Zephyr Mortgages consent to let Advice
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
Where 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 inform 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
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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Zephyr Mortgages