Need Help?
Need professional advice for your consent to let with Bluestone Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Bluestone Mortgages consent to lease
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We bought a flat in 2013 for 155,000 with Bluestone Mortgages. I got married to someone in the RAF so moved in to married quarters in Belgium and realise that I need to have to get consent to let from Bluestone Mortgages. Will they grant permission?
- Me and my husband are looking to buy a garden flat with 10% deposit with the aim of living there. Somewhat fortuitously the in-laws plan to move to New York for a couple of years so we would be moving into the in-lawsHounslow apartment to "housesit". If we were to go ahead with a residential mortgage with Bluestone Mortgages would there be any issues with gaining consent to let ?
- We I have a owner occupier mortgage with Bluestone Mortgages but I would like to occasionally take in lodgers....do I need consent to let from Bluestone Mortgages?
- Current flat worth £275,000. Outstanding home loan of £30k with seven years left. Obtain consent to let via Bluestone Mortgages for current residence and use rent to pay off the last few years of mortgage. Take out 65 per cent Bluestone Mortgages mortgage on further premises that I will consider to be my primary residence? Any reason I cant do this?
- I am looking to Bluestone Mortgages to issue me with consent to let out my home in Islington. I am travelling for a year
- My family circumstances has changed, and I would like to rent my home out - meaning consent to let- I have about £200K loan with Bluestone Mortgages and currently 90k equity I need to side-step the early repayment fees.
- I are thinking about applying to Bluestone Mortgages to obtain consent to let our house, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps we will need to take?
- Just wanted to know what needs to be provided to Bluestone Mortgages in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another flat with my wife.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Bluestone Mortgages consent to let information
Tax and Legal
There are numerous potential 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 Bluestone 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Bluestone Mortgages your property may be repossessed