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Need professional advice for your consent to let with April Mortgages? 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 April Mortgages consent to lease
- Eighteen months ago my husband and I purchased our council home, in Hackney,recently valued at £200k. It's completely paid for from our own finances, unencumbered. We can't sell (without penalty of losing some of our discount) before five years have passed. Regardless, we wish to keep it as a investment property to let out. We wish to release some equity via a April Mortgages mortgage. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. Are you able to assist?
- I have a residential loan with April Mortgages. I would like to buy a second house and my financial adviser suggested I apply for a consent to let. I was under the impression that they only grant consent to let where it is my intention to move back into my current home. Is this correct?
- Where a property owner chooses to lease out their property without consent to let via April Mortgages - what, if any implication could there be for an agent acting on their behalf?
- Is it possible? The property has a mortgage against it with April Mortgages (with a large chunk of equity). I want to purchase and live in a second house but keep my old house and rent it out. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- We are one year into a five year standard mortgage with April Mortgages. Just enquiring whether it's ok to rent out the flat on my current home loan. Will April Mortgages give consent to let?
- My GF is considering placing an offer on a new property in Merton and is getting a good deal as it requires some work done. We want to rent our current property for 2 years and come back to live. Will I be granted a consent to let by April Mortgages?
- I wishing to obtain consent to let for my house as I am moving out for six months currently fixed April Mortgages mortgage with two years which is due in April next year.
- Do April Mortgages offer consent to let? I am just considering this in order to move home in the coming months
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General Advice to read in further to the above April Mortgages 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
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with April Mortgages