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
-
I bought a flat in 209 for £147,000 with Marsden Building Society. I got married to someone in the RAF so moved in to married quarters in Gibraltar and appreciate that I have to have to get consent to let from Marsden Building Society. Do you have any experience of consent to lease from Marsden Building Society?
- I have a 2 bed leasehold apartment via a Marsden Building Society mortgage and have a lodger sharing with me. I have decided to take a job in a different city and will rent there. My lodger doesn't want to move out so is willing to pay an increased rent. Do I have to get consent to let from Marsden Building Society?
- I refinanced with Marsden Building Society recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a second property as my main residence and rent the existing property out with consent to let. Is that likely to result in me stitching myself up?
- My OH and I have a flat in Hackney which we purchased off-plan about seven years ago. As childen are growing up we need a larger place. We've identified a house in Bromley that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Marsden Building Society and we've found a tenant who will pay rent in excess of the monthly mortgage payment. My query is, can we keep the repayment mortgage with Marsden Building Society so we effectively paying off our mortgage on the property or do we have to move it to a buy-to-let mortgage?
- If I were to apply for consent to let from Marsden Building Society what is the time scale Marsden Building Society would take to make a decision?
- Do you know if Marsden Building Society would have an internal record as to whether consent to let was granted for a specific property?
- I have a question I'd like to ask...if consent to let is granted by Marsden Building Society would it usually be restricted to a time limit, such as 6 or 12 months?
- Is there discretion in the accepted equity amount before transferring from a current Marsden Building Society mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming null and void. 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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