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Need professional advice for your consent to let with MBS Lending Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
MBS Lending Ltd consent to let: Q and A’s
- Me and my wife are presently twelve months into a year fixed rate mortgage with MBS Lending Ltd. Ideally we would like to buy a bigger second property in the next few months however would prefer to retain the first property and I was enquiring as to what reason we could put down on the consent to let application to obtain consent to from MBS Lending Ltd
- Me and my brother are joint proprietors of a property in Westminster with a MBS Lending Ltd mortgage. I want to move out and buy a new property with my fiancee. How would I deal with leasing out my room? Do I need consent to let by MBS Lending Ltd. My brother will stay in the property
- After having retired last month I purchased a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our kids and I have therefore applied to MBS Lending Ltd for consent to let. I was just seeking a general view on whether MBS Lending Ltd currently allows it?
- My partner and I took a home loan out on a garden flat in October however I will be working outside of commuting distance of Westminster in the medium term but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do intend to return to Westminster so would like to keep it. How difficult is it to get consent to let from MBS Lending Ltd and how do I go about it ?
- I took a residential mortgage with MBS Lending Ltd and my circumstances have changed due to family, can I obtain consent to let. What changes will affect me?
- Would a previous extension to a mortgage term with MBS Lending Ltd work against us when we applied to MBS Lending Ltd for consent to let.
- Do you know whether MBS Lending Ltd will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would MBS Lending Ltd let me raise capital based on the rental revenue ?
- Is there a time limit on a consent to let from MBS Lending Ltd? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above MBS Lending Ltd 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 MBS Lending Ltd 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with MBS Lending Ltd your property may be repossessed