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Need professional advice for your consent to let with MPowered Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to MPowered Mortgages consent to lease
- Having spent twenty years in the capital, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to remortgage with MPowered Mortgages. In Haringey, we are be looking at a 4 bedroom house around the £275k mark. I would preferably like to keep hold of my existing apartment. Could I ask for Consent to Let from the proposed new lender MPowered Mortgages. If granted what are the likely requirements?
- I sought consent but was turned down as I did a remortgage in July but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with MPowered Mortgages but will they give me consent straight away?
- My husband and I have a flat in Camden which we purchased as a new-build about twelve years ago. As we've now got a young son we are looking for more space. We've identified a property in Camden that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with MPowered Mortgages and we've found a tenant who will pay rent in excess of the monthly mortgage amount. My query is, can we retain the repayment mortgage with MPowered Mortgages so we effectively paying off our mortgage on the property or do we have to switch to a buy-to-let mortgage?
- I have been renting out my flat to students for two years but not on a BTL mortgage as I thought that you only required a buy to let if you had more than one mortgage. In trying to purchase a second property, I discovered that I should have obtained consent to let all along from my mortgage provider MPowered Mortgages. I'm enquiring whether I can now ask MPowered Mortgages for a consent to let?
- Good-day, what documents or paperwork would MPowered Mortgages require for a consent to let letter?
- My partner is considering buying a new property in Waltham Forest and is getting a good deal as it needs some work done. We want to rent our current property for two years and then return. Is there anything in the Ts and Cs of my MPowered Mortgages mortgage permitting me to let it out or do I need specific consent to let?
- My husband and I would like to obtain consent to let on a house where we have a mortgage with MPowered Mortgages. If issued, how long would consent be given for? In seeking consent to let from MPowered Mortgages are we running the risk of them forcing us to change deal to B2L
- I may potentially need consent to let from MPowered Mortgages in the future with work. I am just seeing what the options would be if this was the case. Are there any time restrictions on the length one can let out a property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above MPowered Mortgages consent to let information
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming invalid. 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 terms are not adhered to you may be in breach of the lease. This could potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with MPowered Mortgages