Need Help?
Need professional advice for your consent to let with ModaMortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
ModaMortgages Consent to Lease Example Support Desk Enquires
- Please explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an ongoing feud with the family next door. I had no choice but to mention it on the disclosure sheet. Mortgage is with ModaMortgages on a standard variable rate. Someone mentioned I should obtain consent to let by ModaMortgages and rent the flat out.
- I am looking to apply to ModaMortgages for consent to let on our current residential property in Bromley. I am hoping to draw down equity from my existing house before doing so, and using that money to acquire a further home. I will live in that property whilst doing it up for nine months after which the intention is to sell it then move back to my current house. Is this something ModaMortgages will consider consent to let for or is that out of their criteria?
- I am planning to lease out my property for 12 months from 30th August 2015. Is there a template letter I can use to write to ModaMortgages to request consent to let.
- Enquiring if ModaMortgages conduct any checks when seeking a residential mortgage, I'm preferably looking to rent the property out and am in two minds as to whether I should apply for consent to let. How would they find out if I let the house out?
- I have to send the consent to let application by courier and need to know if ModaMortgages have a regular mailing address I can use as couriers usually don’t accept deliveries to PO Box numbers.
- I am looking at moving abroad for work and would like consent to let from ModaMortgages whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to ModaMortgages? The point of renting the property isn't to make money but to retain the house in case things don't turn out as well as we hope
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from ModaMortgages and let my garden flat out if I move in with her?
- Please can you tell me the circumstances under which ModaMortgages will turn down a request for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above ModaMortgages 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming invalid. 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 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 conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with ModaMortgages your property may be repossessed