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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.
Sample questions relating to Mortgage Express (No 2) consent to let
- Earlier this year I rented out my one bed flat having secured Consent to Let with my building society. Six months have now gone by and they have loaded my repayment percentage as forewarned. I cannot change to a more favourable product with them, as they will revoke my consent to let. If I was to go with another mortgage provider such as Mortgage Express (No 2), would I be required to take out a BTL mortgage or could I simply refinance and get consent to let?
- I would like to move house and I am enquiring if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then rent my property out once I move. Will my lender Mortgage Express (No 2) grant consent to let for 12 months if they know I am looking to purchase somewhere else or only where one is moving short term for my job?
- Meeting with my broker on Tuesday. I am going to seek Consent to Let from my current lender Mortgage Express (No 2). My new property in Harrow will be 80% loan to value. I have been told by a friend that some lenders still dont accept consent to let customers and I may encounter difficulties regarding my new mortgage. Am I likely to encounter this problem?
- I am a letting agent. If a landlord chooses to rent out their house without consent to let from Mortgage Express (No 2) - have I failed in my duty of care? My guess is that the landlord isn't committing a crime, however, they would be breaking their contract with the Mortgage Express (No 2), as Mortgage Express (No 2) most probably need to be notified of any change in circumstances. If I look the other way could I be storing up problems for my agency?
- My job is now requiring mebe in different places every month and as a result I wanted to get to grips with the process for applying for consent to let with Mortgage Express (No 2)
- I have a normal mortgage with Mortgage Express (No 2) which is only seven weeks long but I have been moved abroad with work. Is it possible to obtain consent to let from Mortgage Express (No 2) for a mortgage that has only just started and I have just bought the property?
- Is there a time limit on a consent to let from Mortgage Express (No 2)? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- I want to get consent to let from Mortgage Express (No 2) for two years at which point I can transfer to a BTL. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Mortgage Express (No 2) 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
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
If your property is 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Express (No 2) your property may be repossessed