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Need professional advice for your consent to let with Habito? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Habito consent to let: Q and A’s
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We just received consent to let from Habito. After some effort, Habito have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. Can you explain what this is?
- What information do Habito require to have to make a decision on consent to let. I have a 5 year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to the countryside owing to the family getting bigger. I will be sticking with my existing job and my salary has gone up thirty per cent since the mortgage commenced.
- I have a mortgage with Habito however my husband and I will be relocating to South Africa in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- We are currently in Dubai and letting out our flat in Waltham Forest. This is not something we planned but an opportunity arose and we took it. The rent achieved on the apartment is insufficient to cover the mortgage so we transfer funds each month to cover the difference. Yesterday our lender got in touch informing me that as the property is being let out and has been for nearly two years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will be difficult as I am so far away. Would it be possible to remortgage with Habito and get consent to let?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Habito
- A work promotions now necessitates that Ibe in different places a lot and as such I wish to understand the procedure for getting consent to let with Habito
- Is it the case that a prior extension to a mortgage term with Habito be held against us once we applied to Habito for consent to let.
- Are you able to advise me how much the fees are and if Habito ordinarily give consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Habito consent to let information
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
One thing to remember when arranging a consent to let mortgage with Habito 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 standard 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 restrictions are not strictly observed you may be in violation of 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 Habito