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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
- Last year my wife and I purchased our council flat, in Lambeth,recently valued at £200k. It's completely paid for from our own funds, unencumbered. We can't sell (without repaying back a significant amount of the discount) before 5 years have passed. Regardless, we would like to hold onto it as a investment property to rent out. We wish to release some equity via a ASTRA mortgages mortgage. Will consent to let be given?
- I am contacting you on behalf of a friend who has a mortgage with ASTRA mortgages. He wanted to find out if there is a charge for granting consent to let? He has been in his property for two years but has been offered a job overseas away for 2 years and is considering letting the house out while he is away.
- Am I obliged to notify ASTRA mortgages of my intention to take in a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you shed any light on this? I am taking independent advice on the insurance, legal and tax ramifications.
- We are looking to let out our garden flat in Wandsworth in Feb. I would like some advice on what I need to do. I've just moved our ASTRA mortgages mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- We are interested in understanding the ASTRA mortgages consent to let procedure and conditions for granting.
- My husband and I have a consent to let letter that I have attained from my management company. I presume I need to send this with a letter to ASTRA mortgages with a view to gaining consent to let from them. What address shall I forward it to?
- Do ASTRA mortgages grant consent to let? I am just considering this in order to move house in the the near future
- Will I need consent to let from ASTRA mortgages if I am intending to live in the flat myself for part of the year? Furthermore if I obtain consent to let for a limited time, say up to two years, what happens thereafter.
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Caveats to be read in conjunction with the above ASTRA 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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
Omitting to inform 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