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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.
Questions and Answers: Magellan Homeloans consent to let
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My husband and I bought a terraced property in 209 for 230,00 with Magellan Homeloans. I got married to someone in the RAF so moved in to married quarters in Belgium and realise that I need to have to get consent to let from Magellan Homeloans. Do you have any experience of consent to let from Magellan Homeloans?
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Is consent to lease required from Magellan Homeloans or can I let my property without telling Magellan Homeloans and being forced to switch to a B2L mortgage?
- My brother and I jointly own a property in Barnet with a Magellan Homeloans mortgage. I want to move out and buy a new property with my fiancee. How would I deal with finding a tenant for my room? Do I need consent to let from Magellan Homeloans. My brother will remain in the apartment
- I have had a Magellan Homeloans loan on a house from 2010. Fast forward and I have got married and moved into my husband’s home. At the moment the property is vacant and have a choice to sell or have someone occupy. Obviously this will not be a short term proposition as the prospect of me reoccupying is unlikely. What should I tell Magellan Homeloans with a view to obtaining consent to let?
- I am looking to Magellan Homeloans to issue me with consent to let out my home in Hillingdon. I am travelling for a year
- I have a residential mortgage with Magellan Homeloans and require consent to let. What are the factors and requirements that I need to be aware of in order to obtain consent?
- Is it the case that a previous extension to a mortgage term with Magellan Homeloans work against us when we sought consent to let from Magellan Homeloans.
- I have only recently completed my homeloan with Magellan Homeloans since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be granted consent to let if I decided to move into his property
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Magellan Homeloans consent to let Questions and Answers
Tax and Legal
There are numerous potential 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
Omitting 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
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 the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Magellan Homeloans your property may be repossessed