Need Help?
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.
Examples of recent questions relating to The Mortgage Works consent to let
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I have a normal mortgage over my home in loc with the intention of relocating overseas to country for three years. During this time I want to lease out my flat. My bank will not provide me with consent to let. I wish to avoid taking out a buy to let mortgage as it’s only a short term option that I am going away for.
- I have my garden flat in Ealing on the market but despite a few viewers there is a lack of interest so far. As a backup option I am considering renting out the property if it doesn't sell. I dont think I will have a problem getting consent to let from the freeholder. My IFA says that in such a situation I may have to switch to a B2L product yet I probably don't have enough equity needed. What's my exposure if I were to retain the existing The Mortgage Works home loan and rent out the flat without telling them As long as the mortgage is being paid in full and on time, why would they care or check?
- Eighteen months ago we bought our council home, in Southwark,recently valued at £240k. It's completely paid for from our own funds, unencumbered. We are prohibited from selling (without repaying back a significant amount of the discount) before 5 years have gone by. Regardless, we want to keep it as a investment property to let out. We wish to release some equity via a The Mortgage Works mortgage. Will consent to let be given?
- Please explain "consent to let" to me? I live in a studio apartment and its in good condition. It has been on with agents for two months and I am struggling to sell. This is because my neighbour is noisey. I had no choice but to put this on the disclosure sheet. I am with The Mortgage Works on a fixed rate. It has been suggested to me that I should get consent to let via The Mortgage Works and let the property for a couple of years.
- Is there a maximum period that The Mortgage Works is willing to issue Consent To Let for?
- Can I refinance with The Mortgage Works with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I have acquired a apartment using a The Mortgage Works mortgage. However I am currently living with mother and father. I don't want to move in until for seven months due to personal reasons. In interim can I lease out the property with consent to let?
- Is consent to let a cost efficient way of renting out your property? Isn't this a loophole for some people to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above The Mortgage Works 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
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 may trigger 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 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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