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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.
Common questions relating to Magellan Homeloans consent to lease
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Magellan Homeloans on a homeowner mortgage for the last three years. Magellan Homeloans have just written revoking consent to let unless we switch to one of their "buy to let" deals.
- I have a Magellan Homeloans mortgage and have been letting out my apartment omitting to get consent to let, making me in breach of my mortgage Ts and C’s. I suspect that they have found out that I am not living there. What negotiating options do I have if I don't sell it in time before they become aware I am in contravention of my conditions?
- I refinanced with Magellan Homeloans recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a second property as my primary residence and lease the existing property out with consent to let. Is that likely to be a problem?
- Where is the Magellan Homeloans consent to let application on this site I am unable to find it on the net.
- It is looking as though I may need to move to Miami for two years, I have a house with a Magellan Homeloans mortgage. Do I need to seek consent to let? Will they willing to grant this?
- How much of my loan allowance will be made available to borrow if I change my mortgage to a consent to let with Magellan Homeloans?
- I am interested in further information in relation to consent to let mortgages, potentially switching our existing mortgage with Magellan Homeloans across to a consent to let one.
- I recently bought a house with 10% deposit for personal uses. A mortgage was taken with Magellan Homeloans. But my circumstances have now changed. I am being transferred overseas. Am I able to obtain consent to let from Magellan Homeloans and put the house up to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Magellan Homeloans consent to let Info
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
Where 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 inform them may 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of 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
Omitting 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.
If you do not keep up the payments on your mortgage with Magellan Homeloans your property may be repossessed