Need Help?
Need professional advice for your consent to let with Manchester Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Manchester Building Society Consent to Lease Example Support Desk Enquires
- Please explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It is on the market and I can't find a buyer. This is because my neighbour is a drunk and assaulted me last year. I have had to put it on the disclosure form. I am with Manchester Building Society on a fixed rate. It has been suggested to me that I should obtain consent to let by Manchester Building Society and rent the flat to tenants.
- Hi, I have consent to let my house with Manchester Building Society and am about to give my tenant two months notice as I intend to sell the property. I am worried about the property being empty when the tenant goes and finding a purchaser. I have never missed a payment on the account, would it be possible to take payment breaks until sold?
- I would like to let my three bed flat out from mid Nov next year as I will be travelling for a few months. I have a domestic mortgage with Manchester Building Society. I will not be letting for more than 6 months. Most likely it will be 4-5 months. I have been told to seek consent from my freeholder first? Please can you advise what I should be doing in what order?
- My OH and I have a flat in Tower Hamlets which we acquired off-plan about eight years ago. As we've now got a young son we need more space. We've identified a house in Sutton that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Manchester Building Society and we've found a tenant who will pay rent in excess of the monthly mortgage amount. My query is, can we retain the repayment mortgage with Manchester Building Society so we effectively paying off our mortgage on the flat or do we have to move it to a buy-to-let mortgage?
- My wife and I have a Manchester Building Society mortgage currently and potentially wish to let it out for a limited period of time with consent from Manchester Building Society for (two years). Is this achievable?
- At the moment I do not have consent to let from Manchester Building Society but I would like to apply, An opportunity has arisen which might involve me working away for two years. But want to keep my home for my return - can you assist?
- I have had my home loan with Manchester Building Society since 2007 with no arrear If I asked for consent to let would it be granted?
- I am considering moving in with my girlfriend at her home and would like to rent out my property that I acquired last autumn, I'm just not sure of the process as my property is my first home. What do I need to do to obtain consent to let from Manchester Building Society If I obtain consent will my mortgage payments go up?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Manchester Building Society consent to let information
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
One thing to remember when arranging a consent to let mortgage with Manchester Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Manchester Building Society your property may be repossessed