Need professional advice for your consent to let with Better HomeOwnership (Mortgages)? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My wife and I have a Better HomeOwnership home loan and are never missed a loan payment, both employed etc. Do you know how much it will cost and if Better HomeOwnership usually grant consent to let without transferring to a different deal?
We've been renting my wife's old house out with "consent to let" from Better HomeOwnership on a residential mortgage for the last two years. Better HomeOwnership have just written withdrawing their consent to let unless we transfer to one of their "buy to let" mortgages.
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.
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 notify them could trigger 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Failure 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.