Need Help?
Need professional advice for your consent to let with Mansfield 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 Mansfield Building Society consent to let
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Can one refinance on a consent to let with Mansfield Building Society?
- My partner and I were intending to purchase a ground floor flat with a £20,000 down payment with the intention of living there. Somewhat fortuitously the in-laws plan to move abroad If we were to go ahead with a residential mortgage with Mansfield Building Society would there be any difficulties with gaining consent to let ?
- Just contacting you on behalf of my cousin who has a mortgage with Mansfield Building Society. He wanted to find out if there is a charge for granting consent to let? He has been offered a job overseas and wishes to rent out his apartment in the meantime.
- We would like to know what the criteria is for Mansfield Building Society for consent to let. I have come across various suggestions in relation to fees and rates. I need to relocate for career reasons but can not sell the property due to a difficult market.
- I currently have a mortgage with Mansfield Building Society. I am thinking about renting and purchasing another property but this is all new to me. How do I go about seeking consent to let from Mansfield Building Society?
- I took a domestic mortgage with Mansfield Building Society, and I would like to lease the flat out, until I decide whether to sell or retain it as an investment. At the moment I am on the fixed rate. Will I need to move onto a new mortgage? I.E. BTL?
- My OH and I have a mortgage with Mansfield Building Society and would be thinking about purchasing another main residence and then subsequently letting our current property out. Would I require consent to let from Mansfield Building Society?
- I have three months to left on a two year residential mortgage with Mansfield Building Society but now rent the house out. is it safe to assume they will simply charge a set fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Mansfield 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
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
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 taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mansfield Building Society