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
- What information do Adam & Company expect to have to make a decision on consent to let. I have a 5 year fix with them. I have always paid the mortgage on time. I am looking at moving to the countryside due to surprising growth of family. My financial situation has not changed and in fact my annual income has increased by 15% since I took the mortgage out.
- I am a letting agent. If a landlord chooses to let out their house without consent to let from Adam & Company - have I failed in my duty of care? Technically the landlord isn't committing a crime, however, they would be breaking their contract with the Adam & Company, as Adam & Company most probably need to be notified of any change in circumstances. If I look the other way could I be accruing trouble?
- We took a home loan out on a ground floor flat in October however I will be working outside of commuting distance of Newham in the medium term but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do intend to return to Newham so would like to keep it. How likely are Adam & Company to allow a consent to let and what will it cost me ?
- I am in the Royal Navy and am looking to buy a house using a Adam & Company mortgage. I would like to obtain consent to let the house to my sister. In the future I would reside in the property myself when I leave the Royal Navy. Is this achievable?
- My fiance and I are looking to ask Adam & Company for consent to let out our property in Croydon. We are relocating overseas for 3 years and need to let it out. I didn't look into this when we took the Adam & Company mortgage, and that was only because we never foresaw an opportunity like this would come up so was planning on occupying the house.
- I want to apply for consent to let from my lender Adam & Company to let out my house. This is due to me relocating. Can you tell me whether Adam & Company give consent to let in this situation?
- I would like to let my flat for two years at most. I would like to know if I could have a consent to let by my existing mortgage lender Adam & Company?
- Last month I purchased a house with 10% deposit for personal reasons. A mortgage was taken with Adam & Company. However my circumstances have now changed. I am being transferred abroad. Am I able to obtain consent to let from Adam & Company and put the property up to let?
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 Info
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
Failure 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
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 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 Adam & Company your property may be repossessed