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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.
Questions and Answers: April Mortgages consent to let
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My wife and I may need to let our Bexley home for a while due to me taking a sabbatical. This will be temporary but perhaps for five years. Do I inform April Mortgages or am I best advised to not rock the boat?
- My husband and I recently sorted our rates for another fixed five years with April Mortgages. Subsequently, I attended an interview and basically I accepted the job offer in Newham. I'm going to rent a two bedroom flat for me and my family in Westminster as we don't wish to sell the house whist there is a chance that we come back within a couple of years.... We really have no idea how things will go. We have contacted April Mortgages but we would like also your point of view please. Is it possible to receive consent to let in that case as we secured a fixed 5 years rate we would not want to lose this rate.
- My lawyers have served eviction orders on a tenant who had not paid rent. A Section 21 and section 8 have been served. The tenant's defense for refusal to pay is premised on the assertion that I lack consent to let my maisonette from my provider April Mortgages
- I refinanced with April Mortgages recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a 2nd property for residential purposes and rent the existing property out with consent to let. Is that likely to result in me stitching myself up?
- I’ve already let but only just dawned on us that April Mortgages should've been notified and consent to let sought - can this be obtained retrospectively?
- My family circumstances has changed, and I wish to let my property out - meaning consent to let- I have approx £175K loan with April Mortgages and currently 85k equity I need to side-step the early repayment fees.
- I am currently in the process of getting a mortgage through April Mortgages - It is possible that in the within months I may decide to rent the property out - how would I swap the normal mortgage to a buy to let mortgage?
- Do April Mortgages offer consent to let? I am just considering this in order to move home in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above April Mortgages consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in violation of 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.
If you do not keep up the payments on your mortgage with April Mortgages your property may be repossessed