Need Help?
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.
Frequently asked questions relating to Mortgage Express (No 2) consent to lease
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Can you clarify if consent to let obligatory from Mortgage Express (No 2) or can I let my new house without telling Mortgage Express (No 2) and having to switch to a buy-to-let loan?
- Last September we purchased our council house, in Wandsworth,recently valued at £200k. It's completely paid for from our own finances, and we never had a mortgage. We are prohibited from selling (without penalty of losing some of our discount) before five years have passed. Regardless, we wish to keep it as a investment property to lease out. We are considering taking out a mortgage with Mortgage Express (No 2). Will consent to let be given?
- How likely are Mortgage Express (No 2) in giving Consent To Let on a maisonette? It is currently on the market and it has been for six weeks. I need to sell but I'm anxious that given the lack of interest I will have to get a tenant in to cover the mortgage to Mortgage Express (No 2) (I no longer reside at the address). I would prefer to come clean with Mortgage Express (No 2) than keep them in the dark but I am concerned as to how helpful they will be.
- Am in possession of a mortgage offer from Mortgage Express (No 2), but we have hit a snag. My husband is a teacher in a boarding school, and as such we are provided with a residence as part of his employment. We wanted to purchase a one bed flat to get on the ladder, and rent it out while we're in school accommodation. I had thought Mortgage Express (No 2) would grant consent to let from the outset of the loan. It is now looking as though we may not be granted consent to let. Do you have any advice?
- I would like to know if I have a normal mortgage with Mortgage Express (No 2) and decide to lease it out, does the rate increase and are there any associated costs for applying for consent to let.
- I am after further information in relation to consent to let mortgages, potentially switching our current mortgage with Mortgage Express (No 2) over to a consent to let one.
- I am planning on relocating within the next six months and wish to rent my property out. My mortgage rate is fixed with Mortgage Express (No 2). I am worried a rate hike would be too much if that was a condition of receiving consent to let
- I was just wondering if there are any restrictions in obtaining consent to let on a leasehold property when I have a mortgage with Mortgage Express (No 2)
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Mortgage Express (No 2) consent to let Info
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
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.
Leasehold properties
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 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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Mortgage Express (No 2) your property may be repossessed