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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.
Questions and Answers: ModaMortgages consent to let
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For the last few months I have been letting out my flat in Tower Hamlets. I didn't request consent to let. I moved to Surrey for work relocation purposes and was unable to cope with the traveling but was worried that ModaMortgages would charge me silly money so I decided to take the risk. I'm looking to do the right thing now... basically continue leasing it but with consent. What course of action do I take now?
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I have a standard mortgage over my property in loc with the intention of moving abroad to country for a couple of years. During this time frame it would be ideal if I could rent out my house. My bank will not provide me with consent to let. I don’t really want a buy to let loan as it’s only for a short period that I am abroad for.
- I'm looking to apply to ModaMortgages for consent to let on my existing residential property in Bromley. I am looking to release equity from my existing house ahead of this, and making use of that money to acquire a further home. I will live in that property whilst renovating it for 6 months after which I intend to sell it then move back to my current property. Is this something ModaMortgages will consider consent to let for or is that out of their criteria?
- I rented my house out for three years between 2010-2013 while living abroad. I have a letter dated June 2010 from my building society granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was sent. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not satisfy the new lender ModaMortgages for the house I intend to purchase.Can this be right
- I am thinking of renting my flat will ModaMortgages charge me for a consent to let letter?
- Is it possible that ModaMortgages would have archive records as to whether consent to let was granted for a specific property?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way ModaMortgages would grant consent to let from the start?
- I am hoping to fix my residential mortgage with ModaMortgages but as a result of my job I will probably have to live abroad for a couple of years. Will ModaMortgages allow and give consent to let and there be any penalty
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Caveats to be read in supporting the above ModaMortgages 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 ModaMortgages 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 regular 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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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