Need Help?
Need professional advice for your consent to let with Aldermore Bank PLC? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Aldermore Bank consent to let
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I was thinking of renting out my home and generate some income while I am on holiday. It will only likely be for ten days. Will consent to let be needed from Aldermore Bank?
- I have a consent to let from my current mortgage provider which is about to run out. Since I took this out to travel and start a family. My part time salary is not sufficient just now to cover the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in breach of the terms of my mortgage conditions. As a result of my low income I it is likely that I will be refused to transfer to a BTL product. One option I am thinking about is remortgaging to Aldermore Bank. Are they likely to grant consent to let from day one?
- How long does it take to receive consent to let via Aldermore Bank and is there a minimum amount of time I should have resided in the property?
- What is the maximum period of time allowable to Aldermore Bank that I would be able to let my property without being required to transfer the mortgage or sell my property? In short, my partner would like me to move in with him and I really want to hold onto my house. I would like the security of knowing I still own my own home.
- My wife and Iwould like to rent out our home and purchase another. What do I need to show Aldermore Bank to obtain consent to let?
- How much is it to get a consent to let from Aldermore Bank on my residential property. I've moved in with my partner and have a colleague renting from me.
- Interested to know if if consent to let would be forthcoming from Aldermore Bank in order to move back to my parents for 12 months and conserve some cash on the lease extension for my property?
- My wife and I wish to move home and have identified a property we wish to purchase so are considering leasing out with consent to let from Aldermore Bank for our existing property to allow us to place an offer and not miss out on the potential new house.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Aldermore Bank 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
If 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 inform them may result in 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 Aldermore Bank your property may be repossessed