Need Help?
Need professional advice for your consent to let with ASTRA mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to ASTRA mortgages consent to lease
-
My mortgage is approaching reissuing with ASTRA mortgages. The house has been tenanted for a two years and I now realise that I should informASTRA mortgages. My understanding is that I must apply for consent to let, but since the property has previously been let out for a considerable time could they deny - force me to go onto a BTL product or even fine me? There is excellent equity - 30% LTV and have never missed any payments.
-
I work for a letting agency in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender ASTRA mortgages. Why would they ask for this
-
What do I do if my application for consent to lease is turned down by ASTRA mortgages?
- In what situations will consent to let for a property be issued via ASTRA mortgages? How long do you have to have had ownership of the property before consent to let can be negotiated with ASTRA mortgages? By way of background:We were living in a very small apartment which is too small for us, my wife is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I am looking at securing consent to let initially in order to renting the property out to cover the expense of the ASTRA mortgages mortgage.
- Are you able to give me some initial insight re consent to let? We have a ASTRA mortgages mortgage and are thinking of renting the property out for two years, but cannot really afford to change to a buy to let mortgage. Is consent to let an alternative to to switching to a buy to let rate?
- We wish to move home and have identified a property we wish to purchase so are considering renting out with consent to let from ASTRA mortgages for our existing property to enable us to place an offer and not lose the potential new house.
- I'm possibly going to Dubai for twelve months with work. Planning on taking the husband with me and hoping to rent our Barnet property in the meantime on a temp basis to make matters more cost effective. I was just wondering I have filled in my application form but I'm unsure where to send it
- Just a quick one. Will ASTRA mortgages force me into a consent to let product while I'm in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above ASTRA 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 ASTRA mortgages