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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 let: Q and A’s
- I am currently in the process of emigrating to Beijing . As opposed to finding a buyer, I wish to rent my current property out, just in case things turn out badly and I decide to come back in a couple of years. The current mortgage is with Mortgage Agency Services. Would I be able to refinance with another mortgage lender on a much lower interest rate then apply for Consent to Let after the re mortgage has completed?
- Last year we bought our council house, in Wandsworth,recently valued at £220k. It's completely paid for from our own finances, unencumbered. We can't sell (without repaying back a significant amount of the discount) before 5 years have passed. Regardless, we want to hold onto it as a investment property to rent out. We wish to release some equity via a Mortgage Agency Services mortgage. Will consent to let be given?
- Because of my career, I am in a position where I anticipate that Mortgage Agency Services will grant me with Consent to Let from the outset of purchasing a property. I currently intend to buy a property in Croydon and let it out, I will remain in the house that is provided (rent payable) by my employer. As I will be renting out the property I will obviously have to prepare a Self Assessment Tax Return, but I just want to check that although it is my only property (and it is not on a BTL mortgage), can I claim Tax relief on the interest on my loan and the expenses of leasing out the property. I can only find advice for those with a buy-to-let mortgage, but mine will technically be residential.
- I have been serving in the armed forces for three years and am looking to buy a property using a Mortgage Agency Services mortgage. I would like to get consent to let the house to my sister. In years to come I would reside in the property with my family when I leave the armed forces. Is this possible?
- I am considering moving abroad for work and would like consent to let from Mortgage Agency Services whilst I am away. Is the way forward to prepare a letter requesting consent to let and mail it to Mortgage Agency Services? The point of renting the property isn't to make money but to retain the house in case things don't work out
- I have a mortgage with Mortgage Agency Services on a two year fixed rate. I could have chance of a teaching post abroad next year. Would I be eligible for consent to let by Mortgage Agency Services were I to accept this job abroad?
- I have a consent to let letter that I have attained from my management company. I presume I need to attaching this with a letter to Mortgage Agency Services with a view to being given consent to let from them. What address shall I mail it to?
- Me and my fiance and I need to rent out my house to be nearer to my son’s college and take care of my father. Do I need consent to let from my lender Mortgage Agency Services?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Mortgage Agency Services 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Mortgage Agency Services your property may be repossessed