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Need professional advice for your consent to let with The Mortgage Works? 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 The Mortgage Works consent to lease
- Existing premises valued at £275,000. Remaining home loan of £18k with seven years left. Seek consent to let from The Mortgage Works for current residence and use rent to pay off remaining of the loan. Apply for 70 % The Mortgage Works mortgage on second house that I will consider to be my main address? Can this be done?
- I've been with The Mortgage Works for nearly 2 years and have just renewed a fixed rate. The loan to value is in the region of 28%. Unfortunately we need to move into my mum’s flat to care for her, it would make sense to lease our house out - do I require consent to let from The Mortgage Works and is it likely to be expensive?
- I work for a letting agency in Lewisham. Where a landlord chooses to rent out their property without consent to let from The Mortgage Works - what liability do I have, if any? Technically the landlord isn't breaking the law, however, they would be breaking their agreement with the The Mortgage Works, as The Mortgage Works most probably require to be informed of any change in circumstances. If I ignore the issue could I be storing up trouble?
- My fiance and I might have to rent out her apartment, and I have a query concerning getting permission to do so. I know I need to notify The Mortgage Works and get a consent to let or change to a buy to let mortgage. But the property is leasehold, so do we need consent to let from the freehold company?
- I took a standard mortgage with The Mortgage Works - about 40% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could let out the property?
- I would like to rent out my property for a couple of years max. I would like to know if I could have a consent to let from my current mortgage lender The Mortgage Works?
- Please could you confirm what the procedure would be if we move to a second house and need to get consent to let for our existing mortgage with The Mortgage Works
- I am interested in consent to let for my property mortgaged with The Mortgage Works. How do I move forward? Do I have to contact The Mortgage Works and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above The Mortgage Works 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
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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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.
If you do not keep up the payments on your mortgage with The Mortgage Works your property may be repossessed