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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.
Recently asked questions relating to Adam & Company consent to lease
- I bought a house three years ago in Liverpool when I worked locally. I got a promotion which requires working in London. I commute down on Saturday afternoon and live with a relative mid week. I decided onmoving home to avoid the commute. I am exploring the possibility of renting out my existing home. My mortgage is with Adam & Company, would I have to move onto a new mortgage product or ought I apply for consent to let?
- I would like to move and let out my one bedroom apartment in Sutton. Having bought it in spring 2009 and presently on a 85% ltv there is little equity in it. My mortgage is with Adam & Company. Do you know where Adam & Company stand when it comes to consent to let?
- I would like to rent out my existing house and want to purchase a larger house for the family. I have a fixed rate mortgage with Adam & Company. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after a couple of years with an alternative lender? Will it have to be buy to let mortgage and not a residential mortgage?
- My girlfriend and I (co-owners) are in the process 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 apartment in question was a first-time purchase for us about two years ago. Currently we are living there.
- What is the longest period that Adam & Company is willing to issue Consent To Let for?
- We are looking at new mortgages and also thinking of renting the property in the years to come - Is there a fee with Adam & Company to receive consent to let and what are the criteria?
- I am thinking about moving in with my girlfriend but do not want to to sell my flat. What is the process for seeking consent to let from Adam & Company, and how likely is it that this will be issued?
- I have a 1st time buyer mortgage with Adam & Company which is only 7 weeks in but I have been moved abroad with work. Is it possible to obtain consent to let from Adam & Company for a mortgage that has only just started and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Adam & Company 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
One thing to remember when arranging a consent to let mortgage with Adam & Company is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Adam & Company