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.
Top Five Questions relating to Adam & Company International consent to lease
- I purchased a house a couple of years ago in Newcastle when I worked locally. I got a promotion which involved working in London. I drive down on Saturday evening and live with a relative during the week. I am now thinking ofmoving home to avoid the commute. I am looking into the option of renting out my current home. My mortgage is with Adam & Company International, would I have to move onto a new mortgage rate or do I apply for consent to let?
- I obtained consent to let from Adam & Company International two yrs ago but never used it and subsequently remortgaged to a new mortgage provider. I recently sought for consent to let. I was told it would be authorised since I met the criteria. Yet recently received a communication advising me that I must provide a letter from the DWP indicating that that are aware of my current situation before they can issue authorisation. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- The plan is to move in with my partner and I have let my property out to two students on a twelve month tenancy. I am now applying for consent to let from Adam & Company International but what if they refuse. I can’t rescind on my contract in terms of not renting the students as they have all signed up. On the flip-side Adam & Company International could sue me for breach of mortgage condition i.e. letting it out without consent to let.
- We are planning to use equity in my present house to buy another property which I propose to live in whilst I do it up. I would like to rent my current property with the Adam & Company International mortgage. I was just seeking a general view on whether Adam & Company International currently allows consent to let? House is worth £300 k with a £150k mortgage in place.
- Iwant to let our home and buy other. What do I need to supply Adam & Company International to obtain consent to let?
- Is it the case that a prior extension to a mortgage term with Adam & Company International be held against us when we applied to Adam & Company International for consent to let.
- Do you know whether Adam & Company International will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Adam & Company International let me raise capital based on the rental income ?
- I currently have a residential mortgage with Adam & Company International and plan on letting due to work being based in Bristol. In seeking consent to let from Adam & Company International do I run the risk of them forcing me to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Adam & Company International 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
One thing to remember when arranging a consent to let mortgage with Adam & Company International 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 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 International