Need Help?
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.
Sample questions relating to Habito consent to let
- I need to switch my homeowner mortgage with Habito to a consent to let and looking for some help... I purchased my first property in London sixyears ago. After a new job opportunity I moved to Glasgow, and five months ago got a residential joint-mortgage with my partner. I am inclined to keep with Habito and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Habito turn me down what lenders can I approach.
- I spoke to a mortgage broker friend last recently. He said that were I to decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Habito) until at least two weeks before I plan to rent out my property. Does that mean I have to find a tenant first and then obtain a consent to let?
- My brother plans to rent out his flat out without consent to let from his mortgage lender Habito. He has been on an interest only mortgage for about five years now. Currently owes £112k, having paid for the apartment for about £118k. In the absence of receiving consent to let from Habito, exactly what sanctions is he likely to face?
- Is it correct that mortgage providers (my home loan is with Habito) may start adopting a more lenient approach towards consent to let? A broker suggested that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I transfer from a homeowner to a Buy to let I am moving to a regulated product. His belief was that under the current regulation banks are reluctant to allow borrowers do this, which may explain why some banks will permit customers apply for consent to let but not transfer to a Buy to let product. Is this an accurate assessment?
- I am looking to Habito to grant consent to let out my home in Southwark. I am moving to Germany for 8 months for work.
- I previously took a mortgage with Habito, but I have to get consent to let for around a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for a year (by living near her parents and getting support) in a greener less hectic suburb of London.
- I want to take in in a lodger for my one bed flat in Southwark which I live in. My mortgage is with Habito. How do I go about getting a consent to let?
- We are looking to place my house on rent due to work commitments and was wondering if this is possible to get consent to let. It is on a fixed rate mortgage with Habito at the moment until 2017 October
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition 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
Should the tenure of your property be 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Habito