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Need professional advice for your consent to let with Mortgage Express? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Mortgage Express (No 2) consent to let: Q and A’s
- Me and my partner are planning to buy a maisonette with 30k down payment with the intention of living there. Somewhat fortuitously the in-laws are arranging to live abroad Should we go ahead with a residential mortgage with Mortgage Express (No 2) would we likely encounter any difficulties with negotiating consent to let ?
- I own a studio flat but I am never there, considering the possibility of renting it out. The mortgage is with Mortgage Express (No 2), would I have to switch my mortgage rate or ought I apply for consent to let?
- I rented my house out for three years between 2010-2013 while working in New York. I have a letter dated January 2010 from the building society granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not satisfy the new lender Mortgage Express (No 2) for the property I intend to purchase.Your view would be appreciated
- My gf and I might have to rent out her apartment, and I have a question regarding getting authority to do so. I know I need to notify Mortgage Express (No 2) and get a consent to let or change to a buy to let mortgage. But the property is leasehold, so do we need consent to let from the management company?
- I want to fill a consent to let form for permission to rent from Mortgage Express (No 2), where do I get it from?
- We are looking at new mortgages and also exploring the possibility of renting the property in the years to come - Is there a charge with Mortgage Express (No 2) to get consent to let and what are the criteria?
- My fiance and I have a standard variable rate mortgage with Mortgage Express (No 2) and are deliberating on obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying We would be interested to know the consequences of making the change and any facts that we need to be aware of.
- I got a domestic mortgage with Mortgage Express (No 2). I bought the property in September this year. Is it possible to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Mortgage Express (No 2) consent to let information
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
Omitting 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mortgage Express (No 2)