Need Help?
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 Lease Example Support Desk Enquires
- Next month I will be emigrating to Dubai. Rather than sell my house, I would like to rent it out, just in case things don’t go as expected. My existing mortgage is with MBS Lending Ltd. If I applied for a refinance would a new lender view this as me looking to avoid a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence reject my application for Consent to Let?
- How long do I need to have a further advance from MBS Lending Ltd before one is eligible for consent to let. Can I speak with someone to explore my options please?
- I am an existing MBS Lending Ltd mortgage client in need of consent to let on my current property. We would like to purchase in close proximity to where we are based with the Royal Marines,... but we may have to relocate.
- We intend to let our maisonette out. We have made an offer on another property for us to purchase and have a tenant to move into ours. I assume I have to ask our lender MBS Lending Ltd for consent to let. Is there a standard consent to let request letter I can use?
- I wish to let out my home. Do I simply mail a letter to MBS Lending Ltd requesting consent to let out the house?
- At the moment I do not have consent to let from MBS Lending Ltd but I would like to change to one, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my home for when I come back - are you able to help?
- I have a house in Croydon. I would like remortgage with MBS Lending Ltd and seek consent to let. I'm still inside the redemption penalty period so not sure if I will be liable to pay that?
- I am interested in more information regarding consent to let home loans, potentially transferring our current mortgage with MBS Lending Ltd over to a consent to let one.
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 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 MBS Lending Ltd