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Need professional advice for your consent to let with Halifax? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Halifax consent to lease
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Will Halifax activate a right to change the rates on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their Buy to Let products'?
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Having endured living in a rough area for 3 years now, we are keen to relocate. As disposing of the flat will trigger a hefty redemption penalties to Halifax of £5000, we considered that it would be sensible to rent it out. So, we need to obtain a consent to lease from Halifax only a year. What can I do to get consent?
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Can one refinance on a consent to lease with Halifax?
- Since we are relocating and unable to sell our flat, we are considering renting it out. Am I duty bound to advise Halifax? I am concerned that Halifax might change our terms. I was thinking that as long as I continued paying on time it shouldn't be a problem, but am now concerned about insurance connotations if I have let my property out on the sly. Any advice?
- What is the longest period that Halifax is willing to issue Consent To Let for?
- I am require from Halifax consent to let out my flat in Islington. I am going to live with my grandmother as I am off work through ill health.
- Just wondering if if consent to let would be forthcoming from Halifax enabling me to move back to my mum and dad for 12 months and save the cash on the lease extension for my property?
- Please can you tell me the circumstances under which Halifax would refuse a consent to let application?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Halifax 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 Halifax 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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with Halifax your property may be repossessed