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Need professional advice for your consent to let with Marsden 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 Marsden Building Society consent to lease
- I have recently rented out my ground floor flat and have gained a Consent to Let with my mortgage lender. 6 months have now gone by and they have increased my repayment percentage as forewarned. I cannot switch to a more favourable product with them, as they will revoke my consent to let. Were I to go with an alternative provider such as Marsden Building Society, would I be required to apply for a BTL loan or could I just remortgage and secure consent to let?
- Can you explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It is on the market and I can't find a buyer. This is probably due to an longstanding dispute with the guy next door. I have had to put this on the disclosure form. I am with Marsden Building Society on a standard variable rate. It has been suggested to me that I should obtain consent to let from Marsden Building Society and let the flat to tenants.
- I have found myself in the accidental landlord scenario and didnt inform Marsden Building Society. I had to vacate my flat for work reasons, so now live in another part of the country. At first I tried to sell the flat, but prices were depressed, which meant I was in negative equity. This was a couple of years ago in 2011, the value has increased and has allowed me time to accumulate savings. I am in now in a position where I could transfer to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Marsden Building Society that I have been letting without consent to let? I am aware that I shouldn’t have done what I did, but circumstances wouldn’t allow me to do anything else. Have I committed a criminal offence?
- For a couple of years now I have had a mortgage with my partner on our apartment which is up for renewal 13th July. I am having to move to Brighton for my Job in February. What are the chances of being able to switch to a consent to let mortgage with Marsden Building Society?
- I'm possibly going to NYC for twelve months with work. Planning on taking the husband with me and hoping to rent our UK property in the meantime on a short term basis to make matters more cost effective. I was just wondering I have filled in my application form but I'm unsure where to send it
- I would like to let my home for two years max. How do I go about getting consent to let from Marsden Building Society who I have a mortgage with?
- In the event that I was successful in obtaining consent to let from Marsden Building Society, can I sell during the consent period? Is it possible that I would incur any penalties?
- I was just wondering how to obtain consent to let from Marsden Building Society...do I phone them or write a letter to them?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Marsden 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Marsden Building Society