Need Help?
Need professional advice for your consent to let with Adam & Company International? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Adam & Company International consent to lease
- If I was to rent out my studio flat with consent to let from Adam & Company International, what evidence would be required of tenancy? If after twelve months I decided to let it on a series of holiday term rental, am I still required to provide proof to Adam & Company International, or will they leave me alone provided i keep up with the payments? E.G. if I let the rooms separately at some point in the future, is there any reason for Adam & Company International to know and would they take issue?
- How likely are Adam & Company International in granting Consent To Let on a garden flat? It is currently on the market and it has been for six weeks. I am keen to sell but I'm concerned that if there are no takers I will need to rent out the property in order to cover the mortgage to Adam & Company International (I do not now reside there). My preference is to come clean with Adam & Company International than do it on the sly but I am worried as to how helpful they will be.
- I wish to let my existing residence as I wish to purchase a larger house for the family. I have a mortgage with Adam & Company International. On the basis I get the consent to let as I understand banks 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 homeowner mortgage?
- My husband and I have a flat in Southwark which we acquired off-plan about twelve years ago. As childen are growing up we need more space. We've identified a property in Tower Hamlets that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Adam & Company International and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. Our query is, can we retain the repayment mortgage with Adam & Company International so we effectively paying off our loan on the property or do we have to switch to a buy-to-let product?
- If I am tied into a fixed rate with Adam & Company International but am deliberating on letting out my property, is there a cost for consent to let from Adam & Company International and does the interest rate change?
- I wish to rent a room in my apartment in Brent. Do I require consent to let from my mortgage provider Adam & Company International?
- I have tenants ready to move in and I have mortgage offer from Adam & Company International on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- Is there leeway in the accepted equity amount before transferring from an existing Adam & Company International mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Adam & Company International consent to let information
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 notify them may 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Adam & Company International your property may be repossessed