Need Help?
Need professional advice for your consent to let with Foundation Home Loans? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Foundation Home loans consent to lease
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I have a regular mortgage over my residence in loc with the intention of relocating overseas to country for a couple of years. During this period it would be ideal if I could lease out my flat. My mortgage provider is withholding consent to let. It’s hardly ideal to move to a buy to let loan as it’s only a short term option that I am going away for.
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A friend of mine suggested that this summer I rent out my home and generate some income during my vacation. I only plan to be away for a couple of weeks. Will consent to let be needed from Foundation Home loans?
- A friend of mine has rented her house from the same landlord for nearly one and a half years. Over the course of the last twelve months my friend has received letters from Foundation Home loans (she hasn't opened them-it is clear from the envelope). To begin with she forwarded them to her landlord’s address. My suspicions were aroused as none of her landlord’s mail was supposed to be going there. I decided to go to my friends house and phoned Foundation Home loans on her behalf. The lady I spoke to at Foundation Home loans asked all sorts of queries, the landlady's details, the tenant's details and then said they would investigate whether she was entitled tolet out the property or if it was an offence in the absence of consent to let. Should my friend be worried?
- Our present property in Ealing has approximately £95K equity with a home loan with Foundation Home loans. It's a decent family house in a popular catchment and I think it would rent well. We are probably moving for my partner’s work and were thinking of keeping this house on as an investment property - should we be swapping the loan to a B2L product or can we get consent to let by Foundation Home loans?
- If we request a consent to let letter from Foundation Home loans will we be required to switch to buy to let mortgage? Our mortgage is with Foundation Home loans and as houses are not selling at the mo but we have seen one we like we were considering letting our home out in order to acquire the new and sell this one if the value improves.
- Does my loan to value need to be at a certain ratio to allow me to apply for a consent to let from my mortgage provider Foundation Home loans. Does it make a difference that I only drew down on the mortgage two months ago?
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a normal mortgage with Foundation Home loans
- I have three months to run on a two year residential mortgage with Foundation Home loans but now rent the property out. Can I assume they will just charge a set fee for consent to let?
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Information to consider in supplemental the above Foundation Home loans 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 lease may prohibit 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
Failure to advise your co-owner of your intention to let could result in them taking legal action 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 Foundation Home loans