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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
- I have a colleague who is talking about leasing their property out and moving in with partner. The property is in Lewisham and has a £95k home loan with Magellan Homeloans. What would she need to do to get consent to let if she decides to proceed.
- I'm just looking here for a my nephew as he’s at work who has a mortgage with Magellan Homeloans. He asked me to find out if there is a charge for granting consent to let? He has been in his property for two years but has been offered a job abroad away for 2 years and was thinking about renting the home out while he is away.
- My fixed rate mortgage with Magellan Homeloans runs out early 2017 and I wish to fix for a further three years with Magellan Homeloans, hopefully rates will remain low. In two years time I may want to move for a couple of years to a different city. How problematic is it to get consent to let by Magellan Homeloans under this situation? I would be returning after two years to reside in my property.
- I am looking for our family to move to give us all more space. We are planning to purchase another house in the near future. The house is estimated to be worth £155,00 and we have about £65k remaining on the Magellan Homeloans mortgage. We would prefer to keep this house if possible and let it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we first need to redeem our existing mortgage?
- My husband and I are looking to ask Magellan Homeloans for consent to let out our home in Harrow. We are relocating overseas for three years and need to rent out the property. I omitted to look into this when we got the Magellan Homeloans mortgage, and that was due to the fact that we never foresaw an opportunity like this would come up so was planning on living in the house.
- I might be looking to let out my property and wondered what I would need to do to negotiate consent to let by Magellan Homeloans. There is a possibility that I might be moving abroad for nine months.
- I recently purchased a house with 10% deposit for personal reasons. A mortgage was taken with Magellan Homeloans. But my circumstances have now changed. I am being transferred abroad. Am I able to obtain consent to let from Magellan Homeloans and put the house up for rent?
- Do you know if there is usually a maximum loan to value amount before Magellan Homeloans will give consent to let?
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 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
Failure 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
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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Magellan Homeloans