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
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In a worst case scenario what action Manchester Building Society can take if I have let out my house in the event that consent to let is not forthcoming?
- We acquired a house in 2006 with the help of a housing association, I own 50% by way of bank loan and rent the other half. In December 2013 I bought a new property. I let out my first property and moved to the new property. I secured consent to let from my lender and I thought I had consent to let from the housing association. Last week I had a phone call from the housing association saying they had nothing on record to evidence I had their permission to sublet. What are my options?
- I have a Manchester Building Society mortgage with my twin and want to move out and get a new mortgage with my partner. How should I proceed with taking in a lodger? Do I need consent to let from Manchester Building Society? My twin will stay in the flat
- Is it the case that the estate agents we rented through owe us a a legal obligation to have ensured that the landlord sought consent to let from Manchester Building Society?
- I need to send the consent to let application by courier and need to know if Manchester Building Society have a regular postal address I can use as couriers usually don’t accept deliveries to PO Box addresses.
- Can I remortgage with Manchester Building Society with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- Do Manchester Building Society give consent to let? I am just considering this in order to move home in the coming months
- I have a mortgage with Manchester Building Society taken five months back where I moved from another mortgage provider. Am I now able to rent my property with consent to let from Manchester Building Society as I am planning to buy a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with 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
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 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 conditions are not complied with you may be in breach of the lease. This could trigger 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.
If you do not keep up the payments on your mortgage with Manchester Building Society your property may be repossessed