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.
Examples of recent questions relating to Foundation Home loans consent to let
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Is it possible to remortgage on a consent to lease with Foundation Home loans?
- My granddaughter is going to work overseas for three years and wants to let her flat out. She has a Foundation Home loans fixed rate mortgage on repayment and wants consent to let the property as well as switch to interest only. What does she need to do?
- Following retirement last month I acquired a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our grandson and I have consequently asked Foundation Home loans for consent to let. I was just seeking a general view on whether Foundation Home loans currently allows it?
- I am in the Royal Navy and planning to buy a property using a Foundation Home loans mortgage. I would like to get consent to let this property to my mother and father in law. In the future I plan to live in the property with my wife and kids when my military career comes to an end. Will I need to apply to my Commanding Officer to request permission to rent it out?
- I'm gathering some information on whether consent to let is something available to me? We have a Foundation Home loans mortgage and are considering renting the property out for a couple of years, but cannot really afford to convert to a buy to let rate. The estate agent mentioned something about a content to let
- How easy is it to get a consent to let from Foundation Home loans and what does it cost? If I want to let out my property for two months how easy is it to chop and change between a normal mortgage and consent to let?
- I was just enquiring if Foundation Home loans were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- Will Foundation Home loans choose to exercise a right to switch the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Can one remortgage on a consent to let with Foundation Home loans?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Foundation Home loans consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Foundation Home loans is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 lease may prohibit 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Foundation Home loans your property may be repossessed