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
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Is consent to let needed from ASTRA mortgages or can I rent out my basement flat without telling ASTRA mortgages and being forced to transfer to a B2L loan?
- My granddaughter is going to work overseas for three years and wants to rent her apartment out. She has a ASTRA mortgages fixed rate mortgage on repayment and wants consent to let the property as well as switch to interest only. What does she need to do?
- I acknowledge that I have been extremely stupid in not informing ASTRA mortgages that I’m leasing my property out. Ideally I would like to do the right thing with as little consequence as possible. If ASTRA mortgages says yes, is there any way of them discovering historically that the property was let without consent?
- My property has had a mortgage against it with ASTRA mortgages since 2005. Since then I've married and live in my husband’s home. At the moment the property is unoccupied and have a choice to sell or let it out. Obviously this could be a long term proposition as the probability of moving back is low. What should I tell ASTRA mortgages in order to get consent to let?
- Due to career opportunities I will be moving to Wales and would like to rent the flat temporarily, are you able to confirm what action I need to take in order to get consent to let from ASTRA mortgages?
- I don't currently have consent to let by ASTRA mortgages but I would like to change to one, An opportunity has arisen which might involve me working away for a couple of years. But want to keep my home for when I come back - can you assist?
- I am looking to place my residential property on rent due to work commitments and was wondering if this is possible to negotiate consent to let. It is on a fixed rate mortgage with ASTRA mortgages at the moment until 2018 September
- I am intending on moving within the next 6 months and wish to let my property out. My current rate is fixed with ASTRA mortgages. I am worried a 1% increase would be too much if that was a condition of receiving consent to let
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Information to consider in conjunction with 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
If 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 inform them could 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 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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with ASTRA mortgages