Need professional advice for your consent to let with Monmouthshire Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I am a FTB hoping to complete on a small house in Monmouthshire Building Society. I have a healthy deposit and expect a mortgage from Monmouthshire Building Society. My concern is that my girlfriend owns a flat in London and I can foresee myself moving in next year, at which point I would have to let out my property. I understand that consent to let is required but it does not sound like a positive outcome is assured. Can you offer any advice?
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.
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 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 taking legal action against you. Be sure to record their consent in writing.