Need professional advice for your consent to let with Molo Finance Buy to Let Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Finding myself in a difficult predicament with a Consent to Let mortgage. In response to requesting consent to let the lender has asked me to provide them with an executed tenancy agreement as a prerequisite to granting consent. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
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.
One thing to remember when arranging a consent to let mortgage with Molo Finance Buy to Let 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.