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.
Do I need consent to let from Molo Finance Buy to Let or can I rent out my garden flat without telling Molo Finance Buy to Let and being forced to switch to a B2L mortgage?
I'm about to apply to Molo Finance Buy to Let for consent to let out my property in Molo Finance Buy to Let. However I have put the house on the market but there are no takers and paying a full mortgage, council tax and insurance on vacant house is hurting financially. What approach would Molo Finance Buy to Lettake if I market the property?
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.
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 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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Failure to advise 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.