Need Help?
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.
Examples of recent questions relating to Marsden Building Society consent to let
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I intend to let out my flat to some tenants who have asked me for evidence of my ‘consent to let’ from Marsden Building Society, my mortgage lender. Is this normal?
- I have been foolish in omitting to notify Marsden Building Society that I’m renting my one bedroom apartment out. The latest tenants have left the place in a mess and I need to claim on malicious damage. I’m afraid that my insurer will contact Marsden Building Society, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- I found tenants for my house last June and didn't tell Marsden Building Society. I have a three year homeowner mortgage (healthy equity in it, never defaulted) and want to let Marsden Building Society know and get consent to let for the remaining two years of my mortgage . Not sure how to go about this.
- I am looking for some preliminary advice as to whether consent to let is a viable proposition. I completed the purchase of my apartment 6 months ago by porting an existing Marsden Building Society mortgage product. My fixed rate ended four months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Marsden Building Society, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to move to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a feasible option for myself and 2) I need to raise extra capital to meet the 65% LTV ratio required for a buy to let mortgage. Ideally I would like to get a consent to let from Marsden Building Society for a couple of years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, move back to it.
- I am nine months into a five year standard mortgage with Marsden Building Society. Just wondering whether it's permitted to let out the property on my current mortgage. Will Marsden Building Society grant consent to let?
- We have a letter to Marsden Building Society requesting consent to let signed and ready, but I'm not sure what address I should mail this to. Can you please help me with the address?
- My son has a mortgage with Marsden Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be given consent to let? What is the procedure and cost involved?
- Soon to remortgage my house but will likely be moving out in the near future and would be looking to lease it out. Do you think I can get buy to let or consent to let from Marsden Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Marsden Building Society consent to let Info
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 Marsden 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 to have a license to do so from 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
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 Marsden Building Society your property may be repossessed