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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.
April Mortgages consent to let: Q and A’s
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Have any of your clients had experience asking for Consent to Leaseforfor less than a year from April Mortgages or whether you know how such consent is granted.
- I will shortly be moving to Denmark. Rather than sell my house, I would like to let it out, just in case things don’t pan out. My existing mortgage is with April Mortgages. If I looked to remortgage would a new lender consider this as me seeking to avoid a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and therefore reject my request for Consent to Let?
- I have recently let out my ground floor flat and have gained a Consent to Let with my mortgage lender. Half a year has now elapsed and they have loaded my mortgage rate as forewarned. I cannot swap to a preferable product with them, as they will revoke my consent to let. If I was to go with an alternative provider for example April Mortgages, would I be required to apply for a BTL loan or could I just remortgage and obtain consent to let?
- Need some information about renting a property and consent to let. Later this year I plan to move in with my fiance. The council would like to rent my flat for five year commitment with rent being paid and maintenance. Our mortgage was changed to April Mortgages in 2014. Please advice
- This is not a question specific to April Mortgages but do mortgage companies usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I previously took a mortgage with April Mortgages, but I have to get consent to let for approximately 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take time off for a year (by living near her parents and having their help) in a greener less hectic area of Manchester.
- I am looking to get consent to let on my Bexley apartment from April Mortgages. I will be going abroad for a period of time and so want to know if I can rent out my flat
- Do you know if April Mortgages would have an internal record as to whether consent to let was granted for a specific property?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above April Mortgages consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with April Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 violation 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 April Mortgages your property may be repossessed