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.
Examples of recent questions relating to Manchester Building Society consent to let
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What options are open to me if my application for consent to let is rejected by Manchester Building Society?
- I have my one bed flat in Redbridge on the market but notwithstanding a couple of viewings there is a lack of interest so far. As a backup option I am considering leasing out the property if it doesn't sell. I dont foresee a problem getting consent to let from the freeholder. My mortgage broker says that in such circumstances I may be obliged to switch to a B2L mortgage yet I probably don't have sufficient equity. What's the worst that could happen if I was to retain the existing Manchester Building Society mortgage and let the property out without informing them. As long as the mortgage is being paid in full and on time, why would they care or check?
- I have a shared ownership home in Greenwich and will be looking to buy out the rest of the property. However, within the next six months I may be working in Canada for a short period of time so would like to know what approach Manchester Building Society take to consent to let as I am considering a remortgage with them. I am not sure if they will lend on my property but in the meantime can you provide further detail on their consent to let policy?
- After fifteen years in the capital, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Manchester Building Society. In Hackney, we are be looking at a 4 bedroom house around the £275k mark. Ideally, we would like to retain my existing property. Could I ask for Consent to Let from the proposed new mortgage provider Manchester Building Society. If granted what are the likely requirements?
- Would I be able to remortgage to Manchester Building Society from my existing lender, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Manchester Building Society. My property is worth approx £185k and owe £85k on it. Will Manchester Building Society increase my interest rate?
- Last month I bought a house with 10% deposit for personal uses. A homeloan was taken with Manchester Building Society. But my circumstances have now changed. I am being transferred abroad. Am I able to get consent to let from Manchester Building Society and put the house up to let?
- I have a mortgage with Manchester Building Society. I am considering moving out and renting out my house. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Manchester Building Society 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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 Manchester Building Society