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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.
Frequently asked questions relating to Fleet Mortgages consent to lease
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Will Fleet Mortgages exercise a right to change the rates on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their BTL range'?
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I have been letting out my flat with "consent to let" from Fleet Mortgages on a residential mortgage for the past 24 months. Fleet Mortgages have now advised that they are retracting their consent to let unless we switch to one of their "buy to let" loans.
- I have a house in Hounslow but I am moving with my girlfriend to a different location for career reasons and moreover close to her university. Im keen keep my property but it is unlikely that I can afford a buy to let rate. It will only be short term -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Fleet Mortgages. Is there a chance I won't be approved for consent to let?
- I took out a standard mortgage with Fleet Mortgages last November and then had to relocate due to my job, I am now considering renting my flat out for a few months whilst I am away. Am I able to get a consent to let from Fleet Mortgages, and what effect would this have?
- It is looking as though I may need to move to Philadelphia for two years, I have a house with a Fleet Mortgages mortgage. Do I need to obtain consent to let? Will they be forthcoming?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Fleet Mortgages
- I have a question I'd like to ask...if consent to let is granted by Fleet Mortgages would it usually be subject to a time limit, such as 6 or 12 months?
- I am looking to place our matrimonial home on rent due to job commitments and was enquiring if this is possible to get consent to let. It is on a fixed rate mortgage with Fleet Mortgages at the moment until 2018 October
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Fleet Mortgages consent to let information
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
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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Fleet Mortgages