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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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Can a new mortgage be taken on a consent to let with Foundation Home loans?
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Always on the look out for a money making scheme I am contemplating leasing out my home and generate some income during my vacation. It’s only for ten days. Is advanced consent to let from Foundation Home loans required?
- Can you confirm if it is probable that I will procure consent to let with first time buyer mortgage with Foundation Home loans? We are intending to relocate to Southwark to live nearer to our children’s school, but we are uncertain if the move will be permanent.
- Am with Foundation Home loans and wonder if I am obliged to notify them if we no longer reside in the property. I fear that they could jack up the interest rate if we move and find a tenant but it's far from clear what the increase would be. If I decide to rent my house out and seek consent to let in what way would the payments change?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Foundation Home loans? Can you assist?
- Last month purchased my flat and took out a mortgage with Foundation Home loans but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- What happens if a borrower has already leased out the property for a number of years as an HMO and now want to go legit with Foundation Home loans by obtaining consent to let ? (assume Foundation Home loans had in the past issued a residential mortgage previously)
- I'm interested to find out more regarding consent to let from Foundation Home loans. Would an acceptable reason be parking problems and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Foundation Home loans consent to let Advice
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
If your property is 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 breach 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 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