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Need professional advice for your consent to let with Halifax? 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 Halifax consent to lease
- What information do Halifax expect to have to make a decision on consent to let. I am on a 3 year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to the countryside owing to surprising growth of family. My financial circumstances have not deteriorated and in fact my annual income has increased by thirty per cent since I took the mortgage out.
- Last month I received consent to let on a non-commercial loan with Halifax with aim of moving to a BTL rate when the fixed term ends in a few months' time, so I'm not sure if this adds to the complexity of the issue! Any advice gladly appreciated.
- We are currently in Melbourne and letting out our apartment in Greenwich. This is not something we planned but an opportunity arose and we took it. The rental income is not enough to cover the mortgage so we transfer funds each month to cover the difference. Last week I got a letter in the mail from our lender telling me that because the property is being let out and has been for nearly three years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the apartment but this will be difficult as I am on the other side of the world. Could we remortgage with Halifax and get consent to let?
- Is it right that mortgage companies (my home loan is with Halifax) may start taking a more lenient approach towards consent to let? A broker suggested that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I transfer from a residential to a Buy to let I am moving to a regulated product. He suggested that under the current regulation lenders are wary of letting customers do this, which is likely why some lenders will allow borrowers apply for consent to let but not transfer to a BTL product. Is this correct?
- How much of my mortgage allowance will be made available to borrow if I change my mortgage to a consent to let with Halifax?
- Please can you tell me the circumstances under which Halifax would decline a request for consent to let?
- I want to take in in a lodger for my garden flat in Croydon which I live in. My mortgage is with Halifax. How do I go about getting a consent to let?
- I have only recently completed my homeloan with Halifax since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be allowed consent to let if I decided to move into his property
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Halifax consent to let Questions and Answers
Tax and Legal
There are numerous potential 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
Failure 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
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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Halifax