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 apply to Hinckley and Rugby for consent to let out my home in Hinckley and Rugby. However I have put the house on the market but there are no takers and paying a full mortgage, council tax and insurance on vacant house is a financial drain. What position would Hinckley and Rugby take if I market the property?
Are any options available to me if my request to obtain 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.
One thing to remember when arranging a consent to let mortgage with Hinckley and Rugby 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 regular 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
Should the tenure of your property be 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.