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.
Recently asked questions relating to ASTRA mortgages consent to lease
- Me and my wife reside in a house where we have numerous empty bedrooms. We are looking into the option of establishing an holiday let style business to rent half the home out on a short term arrangement. Are you aware if this kind of thing allowed in accordance with ASTRA mortgages’s standard 'consent to let' Terms?
- I have just received a mortgage offer with ASTRA mortgages. I anticipate that I will complete in the next few weeks, however I may potentially be posted overseas for work. How likely is it for me to get consent to let from ASTRA mortgages within a few months of drawing down on the mortgage. Are there any other options open to me?
- What is the maximum period of time permitted by ASTRA mortgages that I would be able to let my property without being required to transfer the mortgage or sell my property? In short, my partner has asked me to move in with him and I really want to hold onto my house. I would like the comfort of knowing I still have my own property.
- I have a first time buyer mortgage on a one bedroom apartment in Hounslow but have rented it out without making ASTRA mortgages aware of this. I now require a consent to let letter. How can I get one?
- I am trying to find out if it is possible to get a consent to let home loan with ASTRA mortgages rather than a buy to let mortgage
- Am I required to obtain consent to let if I let to a family member (in my case my father now lives there and contributes towards the ASTRA mortgages mortgage)?
- What happens if I have already let the property for a number of years as an HMO and now want to go legit with ASTRA mortgages by obtaining consent to let ? (assume ASTRA mortgages had already granted a homeowner mortgage previously)
- I'm looking to find out more about consent to let from ASTRA mortgages. Would an acceptable reason be parking problems and the property is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above ASTRA 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with ASTRA mortgages your property may be repossessed