Need Help?
Need professional advice for your consent to let with Keystone Property Finance? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Keystone Property Finance consent to lease
- I would like to rent out my current house as I wish to buy a larger house for the family. I have a two year fixed mortgage with Keystone Property Finance. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after a couple of years with another lender? What ramifications does that have aside from the higher rates - do I need a higher equity portion in the property too ie lower ltv?
- My girlfriend and I (co-owners) are thinking of moving our mortgage to Keystone Property Finance. I was conducting some research concerning consent to let from Keystone Property Finance to understand the rules around potentially renting our existing flat out (probably in a in a couple of years time) if we moved away. The property in question was a first-time purchase for us about two years ago. We are living there at the moment.
- I have been a mortgage borrower with Keystone Property Finance for since 2009. My divorce went through months ago and bought the ex wife out. My situation has changed, I wish to retain my house but move in with my new partner, letting my house out. It has been suggested by my broker that I can ask for a consent to let by Keystone Property Finance rather than a BTL mortgage as I I did not buy the house in the first place in order to let, advice please?
- I bought a one bedroom apartment in Newham in 2008 and remortgaged with Keystone Property Finance on a rate which expires in the coming months. If I go abroad and want to lease out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- My marital situation has changed, and I wish to let my property out - meaning consent to let- I have approx £140K loan with Keystone Property Finance and currently 85k equity I need to avoid the early repayment fees.
- My fixed rate loan with Keystone Property Finance ends in January and have to relocate for work then. Will I be able to both refinance and get consent to let?
- Can I remortgage to Keystone Property Finance from my existing lender, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I want to buy a new house but can't afford to sell the existing flat with a Keystone Property Finance mortgage. Do you know acceptable terms for Keystone Property Finance to issue consent to let? Is getting married and having children a sufficient reason to seek consent?
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Information to consider in supplemental the above Keystone Property Finance consent to let Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming invalid. 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 lease may prohibit 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Keystone Property Finance