Need Help?
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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Just wondered if Magellan Homeloans choose to operate a right to increase interest rates on a non-commercial mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
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My husband and I purchased a garden apartment in 2010 for just under 200,000 with Magellan Homeloans. My husbands career requires that we move to Cyprus and realise that I need to obtain consent to let from Magellan Homeloans. Will they give permission?
- My husband phoned Magellan Homeloans on Wednesday regarding consent to let. He is expecting a returned call. We have placed an offer in on a property that has been accepted in principle so would like to know how likely it is that we will get consent to let by Magellan Homeloans?
- I took a mortgage out on a maisonette in October however I will be working outside of commuting distance of Bexley in the medium term but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do plan to return to Bexley so would like to keep it. How difficult is it to get consent to let from Magellan Homeloans and how do I go about applying ?
- The prevailing mortgage is with Magellan Homeloans, but I will soon to need move out for around a year as we need to be nearer to my partner's mum. Will Magellan Homeloans issue consent to let?
- If I were to apply for consent to let from Magellan Homeloans please can I know the time scale Magellan Homeloans would take to make a decision?
- My Magellan Homeloans mortgage fixed rate expires in January and have to move with work soon after. Will I be able to both refinance and get consent to let?
- Will Magellan Homeloans give consent to let my property? I have an existing residential mortgage, never had arrears and have been with Magellan Homeloans for just over five years now. What costs am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Magellan Homeloans consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action 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 Magellan Homeloans