Need Help?
Need professional advice for your consent to let with Fleet Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Fleet Mortgages Consent to Lease Example Support Desk Enquires
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What options are open to me if my request for consent to let is turned down by Fleet Mortgages?
- I bought a house a couple of years ago in Newcastle when I worked locally. I got a promotion which necessitated working in Wimbledon. I drive down on Sunday morning and live with a family member mid week. I am now thinking ofmoving home to avoid the commute. I am exploring the possibility of renting out my existing home. The mortgage is with Fleet Mortgages, would I have to change my mortgage product or do I apply for consent to let?
- I have a Fleet Mortgages mortgage and have been letting out the property omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. I think I have come onto their radar that I am not living there. Is my best option is to dispose of the property prior to being repossessed?
- Last year I moved out my house in a hurry and rented out the property. I know I needed consent to let by Fleet Mortgages but was uncertain as to what my plans were and I simply forgot about it. I find myself in a situation where I want to sell that property and switch the Fleet Mortgages mortgage to a new flat. I am struggling to find a path to do this without being at the behest of Fleet Mortgages for failing to obtain consent to let. When switching, at the time of completion of the sale, you must say you intend to "port the rate" and go through fresh set of affordability checks. Although I do not foresee difficulties with my financial standing, the credit check will disclose that I no longer resident at the address.
- I previously took a mortgage with Fleet Mortgages, but I am going to need to get consent to let for approximately 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her mother and stepfather and having support) in a greener less intense part of Manchester.
- Fleet Mortgages - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I may potentially need consent to let from Fleet Mortgages in the future with work. I am just looking to see what the options would be if this was the case. Are there any time restrictions on the length one can let out a property with consent?
- Are you aware if there is usually a maximum LTV before Fleet Mortgages will consider consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Fleet 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Fleet Mortgages