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 homeowner mortgage over my residence in loc and am due to relocate to country for a couple of years. During this time I want to rent out my flat. My bank has declined to grant me consent to let. I am not inclined to transfer to a buy to let loan as it’s only for a short period that I am going away for.
- Me and my brother are joint proprietors of a property in Ealing with a Foundation Home loans mortgage. I want to move on and purchase a house with my fiancee. How would I deal with letting out my room? Would I need consent to let by Foundation Home loans. My brother will continue to live in the flat
- I got a homeowner mortgage with Foundation Home loans last October and then had to relocate for work, I am now considering renting my apartment out for six months whilst I am abroad. Am I able to get a consent to let from Foundation Home loans, and what effect would this have?
- Our fixed rate mortgage with Foundation Home loans ends 17th May. I am required to move to Paris for my company in April. I wish to let out the house in the short term. Can I get a consent to let the property?
- My husband and I wish to let out my home. Do I just send a letter to Foundation Home loans asking for consent to let out the property?
- I am looking for some generic information on consent to let with Foundation Home loans: I am moving to Paris for work. Potentially for many years. Nevertheless I will be on a 3 month probation period .I'm wanting to know the criteria for consent to let from Foundation Home loans and any costs to be incurred
- I currently have a mortgage with Foundation Home loans that I would like to transfer to a consent to let as we have identified another property we are looking to purchase. How do I go about being given consent to let from Foundation Home loans?
- Last month I completed my mortgage with Foundation Home loans since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be issued consent to let if I decided to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with 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
If your property is 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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