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.
Frequently asked questions relating to Marsden Building Society consent to lease
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For the last few months I have been letting out my flat in Newham. I didn't seek consent to let. I moved to Aldershot for work relocation purposes and was unable to cope with the traveling but was worried that Marsden Building Society would charge me through the nose so I decided to take the risk. I'm hoping to do the right thing now... basically carry on letting it but with consent. Can you offer any advice as to how I go about doing this?
- I bought a house a couple of years ago in Leeds when I worked locally. I got a promotion which involved working in London. I commute down on Sunday morning and live with a cousin mid week. I decided on relocating with the family to avoid the commute. I am looking into the option of renting out my current home. The mortgage is with Marsden Building Society, would I have to change my mortgage rate or do I apply for consent to let?
- I purchased a two bedroom ground floor purpose built maisonette in Enfield one year ago and have a 2 year fixed rate mortgage with Marsden Building Society. Looking to move in with my girlfriend next month and would like to let out my property. Just want to know the process.
- In 2001 I was given consent by the local authority and my lender Marsden Building Society to convert a small barn into a granny annex, conditional on it not being sold separately from the main house. My parents died some years ago and I would now like to lease it out with consent to let from Marsden Building Society. Do you think this will be possible?
- I would like to know whether Marsden Building Society would have archive records as to whether consent to let was granted for a specific property?
- How likely is it that I can keep my current domestic mortgage with Marsden Building Society if I start renting out? If the consent to let is issued will they load the interest rate?
- I have a residential mortgage with Marsden Building Society, and I would like to lease the property out, until I decide whether to sell or hold on to it as an investment. As things stand I am on the fixed rate. Will I need to move onto a new mortgage? I.E. buy to let?
- I might potentially need consent to let from Marsden Building Society in the future with work. I am just exploring what the options would be if this was the case. Are there any time restrictions on the length you can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
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 regular 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
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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Marsden Building Society