Need Help?
Need professional advice for your consent to let with Masthaven Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Masthaven Bank consent to let
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I am a first time buyer hoping to complete on a 2 bedroom house in Masthaven Bank. I have a 50% deposit with a mortgage from Masthaven Bank. My predicament is that my fiancee inherited a apartment in Birmingham and I anticipate moving in next year, when I would want to let out my house. I have heard of consent to let but it does not sound like a positive outcome is assured. Can you offer any advice?
- Two years ago we purchased our council home, in Lambeth,recently valued at £240k. It's completely paid for from our own funds, unencumbered. We can't sell (without repaying back a significant amount of the discount) before five years have gone by. Regardless, we wish to keep it as a investment property to rent out. We are considering taking out a mortgage with Masthaven Bank. If Masthaven Bank refuse are there lenders that might be amenable and grant consent to let?
- I've owned a maisonette in Lambeth for six months with a Masthaven Bank mortgage and I'm wondering if I would qualify for a consent to let.
- I bought a ground floor flat in Greenwich in 2008 and remortgaged with Masthaven Bank on a rate which expires in the later this year. If I go abroad and want to let out my property what would I need to do to get consent to let and what are the consequences?
- I am looking to Masthaven Bank to grant consent to let out my basement flat in Camden. I am moving to Dubai for 5 months on a secondment.
- I would like to buy a new house but can't afford to sell the current flat with a Masthaven Bank mortgage. Do you know the criteria for Masthaven Bank to issue consent to let? Is getting married and having children a good enough reason to make the request?
- Me and my partner and I have a mortgage with Masthaven Bank and would be thinking about purchasing another main residence and then subsequently letting our current property out. Do I need consent to let from Masthaven Bank?
- Last month I completed my homeloan with Masthaven Bank since when my boyfriend has proposed and we are deciding whether to reside in his house or my property. Would I be issued consent to let if I were to move into his property
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Masthaven Bank 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 Masthaven Bank 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 terms are not adhered to you may be in breach 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 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 Masthaven Bank