Need professional advice for your consent to let with Hinckley and Rugby Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Within the next few days I intend to ask Hinckley and Rugby for consent to let out my home in Hinckley and Rugby. However the property has been on with agents for 4 weeks but there are no takers and forking out for a full mortgage, council tax and insurance on vacant house is draining me financially. What approach would Hinckley and Rugbytake if I have the house on the market?
What do I do if my request for consent to let is subsequently refused by Hinckley and Rugby?
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.
Failure 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
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
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.