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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.
Frequently asked questions relating to Magellan Homeloans consent to lease
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I’d appreciate your advice if you have had experience requesting Consent to Leaseforfor less than a year from Magellan Homeloans or whether you have any tops as to how such permission is obtained.
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Is consent to let needed from Magellan Homeloans or can I lease out my garden flat without telling Magellan Homeloans and having to switch to a buy-to-let loan?
- We are just about to receive a mortgage offer from Magellan Homeloans for a freehold house. I have applied via a broker. It is a 20 year mortgage. I am curious as to what is the main criteria Magellan Homeloans adopt in order to allow borrowers consent to let? Is consent to let based on the rental yield of a property?
- We have a self certified mortgage with Magellan Homeloans that we are having problems securing consent to let due to being in Dubai and renting out the property a few years ago without their approval which was an oversight by us. We have a <45% LVR and have been making overpayments of £500pm for 6 years so we are not in arrears. We are willing to switch onto a BTL rate with Magellan Homeloans at an increased rate however we haven't been given that as an option.
- As a result of work opportunities I will be moving to Wales and would like to let out my flat temporarily, are you able to confirm what action I need to take in order to get consent to let from Magellan Homeloans?
- My GF is considering placing an offer on a new property in Lambeth and is getting a good deal as it needs renovating. We want to rent our current property for two years and then return. Is there anything in the Ts and Cs of my Magellan Homeloans mortgage to say I can rent it out or do I require specific consent to let?
- Do Magellan Homeloans respond negatively to requests for consent to let? I am just considering this as an option if I move home in the the near future
- We need to contact Magellan Homeloans to enquire about letting out my home. Do they send a form to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Magellan Homeloans consent to let information
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
If your property is leasehold, the lease may prohibit 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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