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.
Sample questions relating to Fleet Mortgages consent to let
- I've got a current mortgage with Fleet Mortgages coming up to two years and the fixed rate is soon to expire. We are considering taking equity from our existing residence to enable us to purchase a more substantial house and then rent out the current two bedroom first floor purpose built flat. We have had initial advice that we will look for a new residential mortgage allowing for consent to let - can you clarify what is involved?
- At the moment I am stuck in a rental contract until November and am buying an apartment. Would my mortgage provider Fleet Mortgages object to granting consent to let until my tenancy is up and then moving in?
- I have a colleague who is talking about renting their property out and moving in with partner. The property is in Westminster and has a £80k mortgage with Fleet Mortgages. What would she need to do to get consent to let if she decides to proceed.
- We are in need of a larger house so our kids don't have to bunk together. We are thinking about buying another house in a few years time. The house is worth £240,000 and we have about £65k remaining on the Fleet Mortgages mortgage. We would ideally like to keep this house if possible and lease it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we first need to redeem our existing mortgage?
- Just wondering if it's possible if you own one property with consent to let from Fleet Mortgages, to purchase a second with a homeowner mortgage to live in. Then once the consent runs out on the first property, to switch to buy to let or sell it?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Fleet Mortgages to allow us to get a mortgage also with Fleet Mortgages for a new home?
- Is consent to let required from Fleet Mortgages if I am intending to reside in the property myself for half of the year? In addition if I receive consent to let for a limited time, say up to two years, what happens after that.
- I could potentially need consent to let from Fleet Mortgages in the future with work. I am just seeing what the options would be if this was the case. Is there a limit on the length one can let out a property with consent?
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General Advice to read in conjunction with the above Fleet Mortgages consent to let Questions and Answers
Tax and Legal
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.
Insurance
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 may trigger your insurance becoming null and void. 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 lease may prohibit you from letting or require that you to have a license to do so from 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.
Co-ownership
Failure 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