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
- How likely are Mansfield Building Society in issuing me with Consent To Let on a three bed flat? It is currently on the market and it has been for three months. I need to sell but I'm anxious that if there are no takers I will have to get a tenant in to cover the monthly payments to Mansfield Building Society (I no longer reside at the address). I would prefer to come clean with Mansfield Building Society than keep them in the dark but I am worried as to how accomodating they will be.
- I currently have a normal mortgage with Mansfield Building Society. I have been offered a house as part of my job and want to rent out my current property. The financial advisor seems confident that it is a formality. Are you able to provide me with some information please?
- Is it possible to let out our house in the absence of consent to let from our lender? I am aware that initially we signed a form stating it wouldn't be a buy to let property and that we are not the owners of other property. I know you can't use H2B if you owned other premises at the time, but what about property thereafter? Can one acquire a further property, receive a gifted property?
- After retiring in June I purchased a “retirement home” for my wife and myself to move to. We would like to let our current property to our kids and I have therefore contacted Mansfield Building Society for consent to let. I was just seeking a general view on whether Mansfield Building Society currently allows it?
- I would like to let my house which is on a fixed residential mortgage with Mansfield Building Society. What do Mansfield Building Society require for me to do to get consent to let?
- I will have to move to Boston for a couple of years, I have a property with a Mansfield Building Society mortgage. Do I need to seek consent to let? Will they be forthcoming?
- Is it possible to negotiate a consent to let from Mansfield Building Society if I have a current mortgage which has been in place for eight years?
- I have a mortgage with Mansfield Building Society taken 3 months ago where I moved from another mortgage provider. Can I now rent my property with consent to let from Mansfield 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.
Important warnings to consider in supporting the above Mansfield Building Society consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Mansfield Building Society your property may be repossessed