Need Help?
Need professional advice for your consent to let with Mortgage Agency Services? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Mortgage Agency Services Consent to Lease Example Support Desk Enquires
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My wife and I have a Mortgage Agency Services mortgage and are are not in arrears, in gainful employment etc. Can you tell me how much it will cost and if Mortgage Agency Services are likely to give us consent to let without porting the loan to a different deal?
- The hope is to move home. The query I have is whether consent to let will be granted on my house for me to subsequently obtain a loan offer for the new house so I can effectively bid chain free and subsequently rent my property out once I move. Will Mortgage Agency Services give consent to let for 12 months? If so, and the letting goes well is it possible for the consent to let period be continued?
- How long must you be the registered owner of a property before one is eligible for consent to let ,the lender is Mortgage Agency Services? On the basis that it is issued, can it be retracted months later?
- Due to meet with my financial adviser on Monday. I will seek Consent to Let from my current lender Mortgage Agency Services. My new property in Haringey will be 80% LTV. Heard whispers that some lenders turn away consent to let customers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- My husband and I are endeavouring to figure out which lenders are best for allowing consent-to-let without raising rates, and hopefully allowing more than two years where required. Is that something you can help with? We are particularly interested in Mortgage Agency Services
- We are close to purchasing a place and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the rules are on consent to let from Mortgage Agency Services? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- My mortgage is currently with Mortgage Agency Services and am debating whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
- Assuming that I was successful in obtaining consent to let from Mortgage Agency Services, could I sell during the consent period? Is it possible that I would incur any penalties?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Mortgage Agency Services 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
One thing to remember when arranging a consent to let mortgage with Mortgage Agency Services 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
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 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.
Co-ownership
Failure 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 Mortgage Agency Services