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.
Common questions relating to Mansfield Building Society consent to lease
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We just received consent to let from Mansfield Building Society. After some effort, Mansfield Building Society have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. Can you explain what this is?
- My husband and I may have to let his apartment out. I am aware that I require consent to let from Mansfield Building Society. We plan to join a landlord association should we go ahead and let the flat, but do you have any thoughts on which is the best? We've come across the RLA and National Landlords Association.
- We are the registered owners of a house in Sunderland and will be relocating to Cornwall at the end of February. I have a letting agency and tenant now. I was proposing to keep quiet as I'm afraid Mansfield Building Society will insist that I change my mortgage rate for buy to let and am unable to afford that. I would like to get a consent to let via Mansfield Building Society but am afraid if I come clean it would lead to a whole host of problems
- My wife and I are expecting any day now a mortgage offer from Mansfield Building Society for a garden flat. I have applied through Right to Buy. It is a 20 year mortgage. I wonder what is the main criteria Mansfield Building Society adopt in order to allow borrowers consent to let? Is consent to let based on the rental yield of a property?
- I am looking for information on the requirements that Mansfield Building Society set for consent to let? Can you help?
- I am require from Mansfield Building Society consent to let out my flat in Hillingdon. I am putting in hand arrangements to move in with my mother as I am off work through illness.
- I wish to rent out my property. Do I simply send a letter to Mansfield Building Society requesting consent to let out the house?
- We have a mortgage with Mansfield Building Society and would be thinking about buying another main residence and then subsequently leasing our current home out. Do I need consent to let from Mansfield Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Mansfield 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 Mansfield 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Mansfield Building Society your property may be repossessed