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.
Foundation Home loans Consent to Lease Example Support Desk Enquires
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Foundation Home loans have just granted me consent to let. After some effort, Foundation Home loans have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- I have just been on a call with Foundation Home loans who have advised me that it has come to their attention that I am letting out the garden flat even though it is on a domestic mortgage. I moved out two years ago for work reasons, was unable to sell and so had little choice to rent out my property. Are you able to advise me on the consequences will be for me not obtaining consent to let?
- My OH and I are planning on acquiring a house, renting two of the rooms out in order to cover the mortgage with Foundation Home loans, and then moving on in a few years time - at which point the property would be entirely rented. How likely is it that Foundation Home loans would look at this unfavourably as I will have been given a owner-occupier homeloan as opposed to a B2L or consent to let? I've heard that in extreme situations they can repossess the property, is this right?
- I have a 2 year fixed rate mortgage with Foundation Home loans which began in December. I will be moving out in in three months and have tenants ready to lease my flat. I need to get a letter from Foundation Home loans granting consent to let until my term is up to allow me to start a new mortgage. How do I go about this?
- I have a mortgage with Foundation Home loans and am considering letting it for three months while on holiday. Will Foundation Home loans consent to this?
- Will Foundation Home loans choose to operate a right to switch the rates on a domestic mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to refinance on a consent to let with Foundation Home loans?
- Is there a set or maximum term how long I could let my house out to a family member with consent to let from Foundation Home loans. I no longer want to live in the area and want to buy a new home?
- Are you aware if there is normally a required loan to value amount before Foundation Home loans will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Foundation Home loans consent to let Questions and Answers
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
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 inform them may trigger your insurance becoming invalid. 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 restrictions are not strictly observed 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Foundation Home loans