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Need professional advice for your consent to let with Adam & Company? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Adam & Company Consent to Lease Example Support Desk Enquires
- My fiance and I are presently one year into a year fixed rate mortgage with Adam & Company. Ideally we would like to acquire a more substantial 2nd property in the next year however would like to retain the first property and I was wondering what reason we could put down on the consent to let application to obtain consent to from Adam & Company
- I previously got consent to let from Adam & Company in 2013 but failed to need it and have since remortgaged to a new bank. I recently applied for consent to let. I was informed that it would be forthcoming since I met the criteria. Yet recently got a communication advising me that I need to supply evidence from the DWP indicating that that are aware of my current situation before they can issue authorisation. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £25 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- If a landlord opts to let out their property without consent to let by Adam & Company - what, if any implication might there be for an agent acting for the landlord?
- Approximately nine months ago I moved out my house in a hurry and rented out the property. I know I should have obtained consent to let by Adam & Company but was not sure what my plans were and just forgot about it. I find myself in circumstances where I want to sell that house and switch the Adam & Company mortgage to a new flat. I am struggling to find a path to do this without finding myself at the behest of Adam & Company for not seeking consent to let. When switching, at the time of completion of the sale, you must declare your intention to "park the rate" and endure a new set of affordability checks. Although I do not foresee difficulties with my financial standing, the credit check will reveal I don't live there any more.
- I previously took a mortgage with Adam & Company, but I have to get consent to let for around 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take time off for a year (by living near her mum and dad and getting support) in a greener more relaxed suburb of Manchester.
- I'm possibly going to Hong Kong for a year with work. Planning on taking the husband with me and hoping to rent our Greenwich property in the meantime on a temp basis to make matters more cost effective. I was just enquiring whether Adam & Company currently allows consent to let
- I am trying to find out if Adam & Company 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.
- Are you aware if there is usually a required loan to value amount before Adam & Company will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Adam & Company consent to let Info
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
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 could trigger 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
If your property is leasehold, the lease may prohibit 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Adam & Company your property may be repossessed