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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
- I have exchanged contracts for an off plan property in which I was going to move into, but my manager has offered me a posting overseas for 18 months, can I let the new property with consent to let from Aldermore Bank.
- My boyfriend and I (co-owners) are thinking of remortgaging with Aldermore Bank. I was conducting some research concerning consent to let from Aldermore Bank to understand the rules around potentially leasing our existing property out (probably in a year or 2) if we moved away. The apartment in question was a first-time purchase for us about two years ago. We are living there at the moment.
- I was going to call Aldermore Bank to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would look online. I was wondering if if you could direct me to a site where I could download this form on the web?
- We are currently in Hong Kong and leasing out our property in the UK. This is not something we planned but an opportunity arose and we took it. The rental income is not enough to cover the mortgage so we send back money each month to make up the difference. Anyway this morning I got a letter in the post from our lender telling me that as the property is being let out and has been for almost two years we will have to pay 1.5% interest in addition to our current mortgage rate. One option is to sell the flat but this will be difficult as I am on the other side of the world. Would it be possible to remortgage with Aldermore Bank and get consent to let?
- Do you specifically deal with enquiries regarding Aldermore Bank or all of them?
- This is not a question specific to Aldermore Bank but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- Can I remortgage to Aldermore Bank from my current lender, with a consent to let or do I need a let to buy homeloan, and if so what are the LTV's?
- We are interested to find out more regarding consent to let from Aldermore Bank. Would a valid reason be issues with neighbours and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to 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
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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