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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
- We are a newly married couple and we found a property in Newham that we like and wish to take out a mortgage with Zephyr Mortgages. Our concern is that I am pregnant and about to give birth any time soon as I am on my 9th month of pregnancy. This means that it would not be possible for us to move right away so we are thinking to keep living with our parents for about six months. Meanwhile, if we secure this property, we can let it out. I was just wondering how will that work out? Are we likely to obtain consent to let by Zephyr Mortgages
- I have been foolish in not informing Zephyr Mortgages that I’m leasing my one bedroom apartment out. My most recent tenants have left the place in a state and I need to claim on malicious damage. I’m nervous that my insurer will contact Zephyr Mortgages, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- Me and my husband bought a house in Leeds and will be relocating to Cornwall at the end of January. I have a letting agency and tenant ready. I was proposing to leave everything as it stands as I'm worried Zephyr Mortgages will say I have to change my mortgage rate for buy to let and am unable to afford that. I appreciate that it would be preferable to obtain a consent to let via Zephyr Mortgages but am afraid if I show my hand it would result in a whole host of issues
- I am looking for our family to move to give us all more space. We are thinking about buying another house in the near future. Our house was valued at £155,00 and we have about £85k left to pay on the Zephyr Mortgages mortgage. We would prefer to keep this house if possible and rent it out with consent to let. Can you have a mortgage on two properties at the same time or do we first need to repay our existing mortgage?
- Do you know whether Zephyr Mortgages will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Zephyr Mortgages let me raise capital based on the rental revenue ?
- My son has a mortgage with Zephyr Mortgages and he wants to let his flat out as he is moving in with his girlfriend.Will she be granted consent to let? What is the process and charges involved?
- Do I need consent to let if I rent to a family member (in my situation my mother now lives there and contributes towards the Zephyr Mortgages mortgage)?
- I would like advice as to how to go about gaining consent to let from Zephyr Mortgages and what, if any, cost I face.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Zephyr Mortgages consent to let information
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 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 violation 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 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