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Need professional advice for your consent to let with Rooftop Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Rooftop Mortgages consent to lease
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My wife and I have a Rooftop Mortgages mortgage and are are up to date with payments, in gainful employment etc. Do you know how much it will cost and if Rooftop Mortgages usually grant consent to let without transferring to a different deal?
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I am employed by a letting agency in loc and have been ask but a prospective tenant of a property for a copy of the ‘consent to let’ from the owners lender Rooftop Mortgages. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
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Bottom line - if worst comes to the worst what action Rooftop Mortgages can take if I have rented my property in the event that consent to let is not forthcoming?
- We are currently one year into a year fixed rate mortgage with Rooftop Mortgages. We would like to buy a more substantial 2nd property in the coming months however would like to keep the first home and I was enquiring as to what reason we could put down on the consent to let form to obtain consent to from Rooftop Mortgages
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage provider Rooftop Mortgages. Will any consideration be given to the fact that I only took out the mortgage two months ago?
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a homeowner mortgage with Rooftop Mortgages
- Not sure if you can help What do we need to do to obtain consent to let from Rooftop Mortgages? And how much equity is needed?
- I took a homeowner mortgage with Rooftop Mortgages. I bought the property in November this year. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Rooftop Mortgages consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Rooftop Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 Rooftop Mortgages