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.
Top Five Questions relating to Adam & Company consent to lease
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I’d appreciate your advice if you have had experience requesting Consent to Leasefora year from Adam & Company or if you have any advice as to how such permission is obtained.
- I applied for consent but I did not get it as I did a remortgage in July but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. As a backup plan I can remortgage with Adam & Company but will they give me consent straight away?
- I am expecting to apply for consent to let from my existing mortgage lender Adam & Company. A colleague of mine said that she was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an AST. Can you explain what this is?
- Me and my girlfriend are about to purchase a house together. Idea is for me to get consent to let my property from Adam & Company. Thinking further ahead - when my two year fixed comes to an end - how would it work if I wanted to remortgage my flat?
- I would like to send the consent to let form by courier and need to know if Adam & Company have a regular postal address I can use as couriers ordinarily will not accept deliveries to PO Box numbers.
- How much of my loan allowance will be made available to draw down on if I convert my mortgage to a consent to let with Adam & Company?
- At the moment I do not have consent to let by Adam & Company but I would like to apply, I am looking at working away for two years. But want to keep my home for when I come back - are you able to help?
- In the event that I was successful in obtaining consent to let from Adam & Company, can I sell during the consent period? Is it possible that I would incur any penalties?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Adam & Company consent to let Advice
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
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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Adam & Company your property may be repossessed