Need Help?
Need professional advice for your consent to let with Capital Home Loans? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Capital Home Loans consent to let: Q and A’s
-
I am a first time buyer interested in a terraced house in Capital Home Loans. I have a healthy deposit with a mortgage from Capital Home Loans. My dilemma is that my fiancee owns a flat in Dover and I anticipate moving in next year, when I would want to let out my house. I understand that consent to let is required but it does not sound like a guaranteed option. Is there any advice you can impart?
- Just looking for some information, I have a mortgage on an apartment with Capital Home Loans and I am thinking about leasing the property out. Can I do this without switching to a buy to let or obtaining consent to let from Capital Home Loans?
- What is the procedures for obtaining consent to let from Capital Home Loans? What information do they require? is there a fee to pay? How long the consent is valid for? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than let out the property?
- Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It is on the market and I have had very few viewings. This is because my neighbour is noisey. I have had to mention it on the disclosure form. I am with Capital Home Loans on a fixed rate. Someone mentioned I should obtain consent to let from Capital Home Loans and let the property out.
- Do you know if Capital Home Loans would have archive records as to whether consent to let was granted for a specific property?
- Is it possible to remortgage with Capital Home Loans with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- Me and my fiance and I have a mortgage with Capital Home Loans on our garden flat in Haringey. We are planning to buy a new house and move in there. How do I switch my current mortgage on to consent to let?
- I need to lease out my home to be closer to my son’s uni and look after of my father. What do I need for the application of consent to let from Capital Home Loans?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Capital Home Loans consent to let Info
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
Failure 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 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 trigger 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.
If you do not keep up the payments on your mortgage with Capital Home Loans your property may be repossessed