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Need professional advice for your consent to let with Accord Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Accord Mortgages consent to let: Q and A’s
- The plan is to move in with my partner and I have let my property out to two students on a one year AST. I am now applying for consent to let from Accord Mortgages but what if they decline. I can’t rescind on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Accord Mortgages could take action for breach of a condition i.e. letting it out without consent to let.
- I have a home that's currently under shared ownership (My share is 60%) purchased in September 2013. I plan to go through the full purchase of the house. My partner and I also have in mind a second house that we are hoping to buy. Mortgage in principle has been approved by Accord Mortgages. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new property
- Since we are relocating and unable to sell our property, we are thinking about renting it out. Is it necessary to advise Accord Mortgages? I am concerned that Accord Mortgages might change our terms. I was hoping that if I continued making my monthly payments it shouldn't be a problem, but am now worried about insurance implications if I have let my property out on the sly. Any thoughts?
- Me and my husband are in a complex mortgage scenario in the last 2-3 month. We have to let our house with consent to let and move to a new to be nearer to our daughter’s college. We now rent a house. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- My Accord Mortgages mortgage fixed rate ends in January and have to move with work soon after. Is it likely that I be able to both remortgage and obtain consent to let?
- I are thinking about applying to Accord Mortgages to obtain consent to let our house, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any additional steps we will need to take?
- I am trying to find out if Accord Mortgages will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- What, if any, income criteria do Accord Mortgages set for consent to let on an existing homeowner mortgage?
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Information to consider in further to the above Accord Mortgages consent to let Advice
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
If 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 result in your insurance becoming invalid. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Accord Mortgages your property may be repossessed