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.
Due to problems with the area we live in (it's rough!), we now want to move. As disposing of the house will involve early repayment charges to Better HomeOwnership of £4000, we considered that it would be sensible to let it out. So, we need to obtain a consent to lease from Better HomeOwnership only a year. Will Better HomeOwnership grant consent?
Always on the look out for a money making scheme I am contemplating leasing out my flat and generate some income while I am on vacation. It’s only for a month. Is advanced consent to let from Better HomeOwnership required?
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.
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure 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.