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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.
Frequently asked questions relating to Aldermore Bank consent to lease
- In what situations will consent to let for a property be granted by Aldermore Bank? For what period of time do you have to have had owned the property before consent to let can be negotiated with Aldermore Bank? By way of background I am a young doctor in a house purchased five months ago. A dream job opportunity requiring relocation to Wandsworth permanently has presented itself. I am looking at getting a consent to let in the first instance in order to renting the property out to offset the costs of the Aldermore Bank mortgage.
- I have a property in Waltham Forest with a Aldermore Bank mortgage but I no longer reside there. My dad moved in but pays no rent. I currently live in rented premises and am keen to purchase a house. I have found a perfect property at reasonable price. I have enough of a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a buy to let mortgage at the same time. Can I change the current Aldermore Bank mortgage for my old apartment into a consent to let and use my reserves to pay a larger deposit for the homeowner mortgage on the property that I am looking to purchase?
- My wife took out a fixed rate mortgage with Aldermore Bank for 2 yrs and have been living in the apartment for about one year. Due relationship issues I need to relocate so I would like to lease the property out. What is the best way to go about getting consent to let from Aldermore Bank?
- We are looking to rent out our maisonette in Camden in January. I would like some suggestions on what I need to do. I've just moved our Aldermore Bank mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- I am one year into a five year residential mortgage with Aldermore Bank. Just curious whether it's permitted to rent out the property on my current home loan. Will Aldermore Bank issue consent to let?
- We have a mortgage with Aldermore Bank and would be thinking about buying another main residence and then subsequently renting our current property out. Do I need consent to let from Aldermore Bank?
- I am currently refinancing and looking into the flexibility of certain lenders when it comes to consent to let. Aldermore Bank is one of the mortgage companies I am thinking of going with. How accommodating are they when it comes to consent to let?
- I may potentially need consent to let from Aldermore Bank in the future with work. I am just exploring what the options would be if this was the case. Are there any time restrictions on the length one can let out a property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Aldermore Bank 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
Omitting 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Aldermore Bank your property may be repossessed