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.
Recently asked questions relating to Mansfield Building Society consent to lease
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I am about to join the property ladder hoping to complete on a small house in Mansfield Building Society. I have a 40% deposit with a mortgage from Mansfield Building Society. My concern is that my fiancee inherited a apartment in London and I can foresee myself moving in next month, at which point I would want to let out my property. I have heard of consent to let but it does not sound like a guaranteed option. Can you offer any advice?
- I would like to rent out my current house and want to acquire a bigger house for the family. I have a mortgage with Mansfield Building Society. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after a couple of years with an alternative lender? Will it have to be buy to let mortgage and not a residential mortgage?
- Where can I find the Mansfield Building Society consent to let form on your webpage I couldn't find it on the web.
- My fiance and I are planning to use equity in my existing house to acquire an additional property which I propose to live in whilst I do it up. My preference is to rent my current property with the Mansfield Building Society loan. Is it likely that I would be issued with consent to let? House is worth £450 k with a £150k home loan in place.
- How much is it to get a consent to let from Mansfield Building Society on my residential property. Last week I moved in with my husband and have a friend renting from me.
- My son has a mortgage with Mansfield Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be granted consent to let? What is the procedure and what needs to be done next?
- I am interested in consent to let for my home mortgaged with Mansfield Building Society. How do I proceed? Do I have to apply to Mansfield Building Society and get them to agree?
- I was wondering if you can help. I require consent to let from Mansfield Building Society and would like to know if this option would be possible for me to switch to as I need to move back home to look after my father
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 Advice
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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Mansfield Building Society your property may be repossessed