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 let: Q and A’s
- I have just come off the phone to Manchester Building Society who have advised me that it has been brought to their attention that I am renting the studio flat even though it is on a resi mortgage. I moved out a couple of years ago for career reasons, was unable to sell and was left with little choice to let out my property. Are you able to advise me on the implications may be for me not seeking consent to let?
- I have a one bedroom apartment in Brent let out which has a seventy year lease. Mortgage adviser suggested I should refinance (currently with Manchester Building Society) as a buy to let rather than consent to let and release 45-55k which on top of a new homeloan based on my income would give me a budget of £195k. Limited available in Brent for me to buy my own property. A lease extension will cost 13k. Not sure sure whether to hold on or sell the flat?
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We have an existing mortgage with Manchester Building Society and wish to clarify if it would be possible to seek consent to let out our garden flat in Brent.
The rationale for wanting to find tenants for the property are are due to: -
- Me and my wife will be relocating to Cape Town early next year.
- In renting out the house this will facilitate savings to help the migration process.
- There is little merit from a monetary point of view to pay outright for a property which we are no longer living and by letting out the place this would be considered as an ongoing investment.
If Manchester Building Society agreed that we are able to proceed with renting we would suggest some financial commitments which are as follows: -
- Continue to pay the monthly mortgage payment directly from my bank account.
- Instruct an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Supply our forwarding address for when we move.
- Require some advice concerning renting a property and consent to let. Later this year I plan to move in with my fiance. The council would like to rent my flat for 5 years guaranteed with rent and service charges covered. The mortgage is with Manchester Building Society. Please advice
- Is it possible to refinance with Manchester Building Society with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- My Manchester Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I am a Manchester Building Society borrower. I would like to apply for consent to let my home. I have been waiting for a response from Manchester Building Society. Are you able to please check and help?
- I have a normal mortgage with Manchester Building Society which is only six weeks long but I have been moved abroad with work. How easy is it to obtain consent to let from Manchester Building Society for a mortgage that has only recently commenced and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Manchester Building Society 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
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 provisions in the lease may prevent you from letting or require that you obtain the consent of 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
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