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.
Frequently asked questions relating to Manchester Building Society consent to lease
- I have a garden flat but I am rarely there, considering the possibility of renting it out. My mortgage is with Manchester Building Society, would I have to convert my mortgage deal or should I apply for consent to let?
- Ever since 2011 I have had a Manchester Building Society mortgage with my twin and want to move out and get a new mortgage with my partner. How would I proceed with renting out my room? Is consent to let necessary from Manchester Building Society? My twin will remain in the property
- I currently have a mortgage with Manchester Building Society and the LTV is presently 60% with the Manchester Building Society current book value and I'm looking to buy a further property but would like to keep my current property at the current market value. I have had CTL from Northern Rock on a previous property so know a bit about them and I also have buy to let with Mortgage Express on another property. Does the expected rental income on a consent to let with Manchester Building Society need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- We took a mortgage out on a garden flat last July however I will be working outside of commuting distance of Harrow for the foreseeable future but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do plan to return to Harrow so would like to keep it. How difficult is it to get consent to let from Manchester Building Society and what will it cost me ?
- I would like to be informed of the criteria and procedures in place to change my Manchester Building Society mortgage to a consent to let?
- I have a mortgage with Manchester Building Society at the moment and just enquiring where I can I get a consent to application form from
- I have fixed rate mortgage with Manchester Building Society. I am going have to lease out my house due to necessity. Were I to seek consent to let, will I have to pay a lot more interest?
- I am looking at an offer to work abroad and have been advised that I need to let Manchester Building Society know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Manchester Building Society consent to let Advice
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming null and void. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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