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Need professional advice for your consent to let with Magellan Homeloans? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Magellan Homeloans Consent to Lease Example Support Desk Enquires
- How likely are Magellan Homeloans in issuing me with Consent To Let on a 2 bed flat? It is currently on the market and it has been for two months. I need to sell but I'm anxious that given the lack of interest I will have to get a tenant in to cover the monthly payments to Magellan Homeloans (I no longer live at the address). My preference is to come clean with Magellan Homeloans than keep them in the dark but I'm not sure how understanding they would be.
- Am I required to inform Magellan Homeloans of my intention to rent a shed out on the grounds of my property. Can you shed any light on this? I am seeking separate advice on the insurance, legal and tax side of things .
- We took a mortgage out on a one bed flat last May however I will be working outside of commuting distance of Hackney for the foreseeable future but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do hope to return to Hackney so would like to keep it. How likely are Magellan Homeloans to allow a consent to let and how do I go about applying ?
- I have a self contained flat attached to my house that my dad is planning to move out from. As the main house is large I was thinking to move into the annex and lease the remainder out. This is also due to change of circumstances. Would I need a consent to let from Magellan Homeloans?
- Is there a maximum period that Magellan Homeloans is willing to grant me the Consent To Let for?
- Can I get an interest only mortgage with consent to let when my current Magellan Homeloans deal runs out September 17?
- My husband and I are about to switch lender to Magellan Homeloans for a fixed rate but during this period will need to rent the house out for approximately one year. Do Magellan Homeloans consent to let on fixed rate home loans and if so, what are the costs.
- Is it possible to negotiate a consent to let from Magellan Homeloans if I have a current mortgage which has been in place for ten years?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Magellan Homeloans 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
One thing to remember when arranging a consent to let mortgage with Magellan Homeloans 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with Magellan Homeloans your property may be repossessed