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.
Recently asked questions relating to ModaMortgages consent to lease
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What do I do if my request for consent to let is rejected by ModaMortgages?
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I am in an impossible situation with a Consent to Let home loan. Reacting to my requisition for consent to let the lender has requested evidence of an executed Assured Shorthold Tenancy as a prerequisite to granting permission. Is is not the case that if I adhered to their request that I would be violating the lender’s terms and conditions?
- Are you able to tell me what ModaMortgages charge for consent to let out part of my three bed flat? Any insights would be gratefully received.
- Our present property in Camden has probably about £80K equity with a mortgage with ModaMortgages. It's a 3 bed house in a popular area and I think it would rent easily. We are probably moving for my partner’s work and were thinking of holding onto the house on as an investment property - should we be swapping the mortgage to a buy to let product or should we apply for consent to let by ModaMortgages?
- Good-day, what documents or paperwork would ModaMortgages require for a consent to let letter?
- I would like to know the criteria for consent to let from ModaMortgages and anyadditionalcosts involved. Last week I moved in with my wife and have a colleague renting from me.
- Is there flexibility in the accepted equity ration before transferring from a current ModaMortgages mortgage to a consent to let?
- Me and my OH and I would like to rent out my home to be nearer to my daughter's college and look after of my mother. What do I need for the application of consent to let from ModaMortgages?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above ModaMortgages consent to let Questions and Answers
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
Omitting 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 ModaMortgages