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.
Sample questions relating to MBS Lending Ltd consent to let
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My lender has placed me in an impossible situation with a Consent to Let home loan. In response to requesting consent to let my bank has asked me to provide them with an executed AST as a prerequisite to granting consent. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?
- Next month I will be relocating to Denmark. As opposed to 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 consider this as me trying to avoid a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore turn down my application for Consent to Let?
- I have a three bed flat in Enfield let out which has a fifty year lease. Mortgage adviser said I should refinance (currently with MBS Lending Ltd) as a buy to let instead of consent to let and release 65-70k which on top of a new mortgage based on income multiples would give me a budget of £210k. Limited available in Hillingdon for me to buy my own property. A lease extension will be approximately 13k. Lease out with consent to let or sell the flat?
- The plan is to move in with my partner and I have let my property out to 2 students on a one year tenancy. I am now applying for consent to let from MBS Lending Ltd but what if they refuse. I can’t rescind on my contract in terms of backing out of renting the students as the paperwork is finalised. On the flip-side MBS Lending Ltd could take me to court for breach of mortgage condition i.e. renting it out in the absence of consent to let.
- MBS Lending Ltd homeowner mortgage. Will they grant consent to let a house for a couple of years? I plan to return as a resident.
- I was just looking into consent to let as it's something potentially I require from MBS Lending Ltd within the next 12 months. Our circumstances have changed, and I would like to rent my home out
- Do you have the address to which a Consent to Let request to be sent for MBS Lending Ltd? Sorry about bothering you with this query.
- I am looking at an offer to work in France and have been advised that I need to let MBS Lending Ltd know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
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Important warnings to consider in supporting the above MBS Lending Ltd consent to let Questions and Answers
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 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 MBS Lending Ltd