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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.
Questions and Answers: MBS Lending Ltd consent to let
- Next month I will be relocating to Denmark. Rather than sell my house, I would like to rent it out, just in case things don’t pan out. My current mortgage is with MBS Lending Ltd. If I applied for a remortgage would a new provider see this as me trying to avoid a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and hence turn down my request for Consent to Let?
- How challenging is it to seek consent to let from MBS Lending Ltd. I'm interested in fixed residential mortgage and intend to reside at the property but would like to understand what options are open to me if work has opportunities elsewhere for eg in 2 or 3 yrs Could you let me know generally how receptive MBS Lending Ltd are regarding consent to let?
- Given we are relocating and failing to sell our flat, we are mulling over renting it out. Is it imperative to advise MBS Lending Ltd? I am concerned that MBS Lending Ltd might change our terms. I thought if you continued making my monthly payments it shouldn't be a problem, but am now concerned about insurance connotations if I have let my property out on the sly. Any thoughts?
- I have been renting out my flat to students for a few years but not on a buy to let mortgage as I naively considered that you only required a buy to let if you had more than one property. In trying to buy a second property, I discovered that I should have obtained consent to let at the outset from my lender MBS Lending Ltd. I'm curious as to whether I can now seek consent to let from MBS Lending Ltd?
- I was just wondering if MBS Lending Ltd would give consent to let and what kind of fees, penalties and new rates etc
- We are 12 months into a five year first time buyer mortgage with MBS Lending Ltd. Just wondering if it's ok to rent out the flat on my current home loan. Will MBS Lending Ltd give consent to let?
- I am relocating for work for as long as 12 months... I was wondering if I was able to gain from MBS Lending Ltd consent to let the house out while abroad as I am reluctant to leave it empty for that long
- 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 conjunction with the above MBS Lending Ltd consent to let information
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with MBS Lending Ltd