Need Help?
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 let: Q and A’s
- I have a studio flat in Lambeth let out which has a sixty year lease. Mortgage adviser suggested I should refinance (currently with Adam & Company) as a buy to let instead of consent to let and release 55-60k which on top of a new mortgage based on my income would give me a budget of £195k. Not much about in Brent for me to buy my own house. A lease extension will be in region of 19k. Rent out with consent to let or sell the flat?
- My girlfriend and I (joint owner) are thinking of remortgaging with Adam & Company. I was doing some research concerning consent to let from Adam & Company to understand the rules around potentially letting our current flat out (probably in a year or 2) if we moved away. The property in question was a first-time purchase for us about two years ago. Currently we are living there.
- My wife and I are looking to rent out our garden flat in Barnet in January. I would like some advice on what I need to do. I've just moved our Adam & Company mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- Require some assistance concerning renting a property and consent to let. Later this year I want to move in with my other half. The local authority would like to rent my flat for three year commitment with rent being paid and maintenance. The mortgage is with Adam & Company. Please help
- My family circumstances has changed, and I would like to lease my home out - meaning consent to let- I have approx £175K loan with Adam & Company and currently 85k equity I need to avoid the redemption penalties.
- We have a mortgage with Adam & Company on our maisonette in Redbridge. We are hoping to buy a new house and move in there. How do I switch my current mortgage on to consent to let?
- I have a mortgage with Adam & Company but would like to lease my house out and move in with my girlfriend and baby what is required to get consent to let?
- I may potentially need consent to let from Adam & Company in the future with work. I am just seeing what the options would be if this was the case. Is there a limit on how long one can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Adam & Company consent to let Questions and Answers
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
Omitting 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company