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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.
Common questions relating to MPowered Mortgages consent to lease
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Is it possible to remortgage on a consent to lease with MPowered Mortgages?
- My twin is intent on letting his flat out in the absence of consent to let from his mortgage provider MPowered Mortgages. He has been on an interest only loan for about six years now. Outstanding amount due is £99k, having paid for the flat for around £125k. In the absence of obtaining consent to let by MPowered Mortgages, exactly what sanctions is he likely to face?
- I have an offer accepted to purchase a property, we have a deposit of between 10-15% for a residential mortgage with MPowered Mortgages. The small problem is we are due to go overseas in two months for work. We are using a financial adviser. He says if you tell this to the lender up front you will need to get a buy to let. Do go ahead with residential mortgage with MPowered Mortgages, in a couple of months ask them if I can have consent to let? Otherwise, do we try and contact MPowered Mortgages now and reveal there is a chance we will move abroad in the future (nothing is confirmed regarding the move abroad) and see if they confirm in advance that it should not be an issue
- How many months after taking out a new mortgage will a consent to let be likely to be given by MPowered Mortgages? To give some history I bought my apartment in Westminster nearly two years ago and am currently on a three year fixed rate. I since met my partner and plan to move in to his place. I am planning to get a better fixed term next October. I assume that I would have to hold off for at least 6 months before I could request a consent to let. Is that right?
- MPowered Mortgages homeowner mortgage. Will they grant consent to let a property for 18 months? I plan to return as an occupier.
- I took a domestic mortgage with MPowered Mortgages, and I would like to lease the flat out, until I decide whether to sell or keep it as an investment. At the moment I am on the fixed rate. Will I need to move onto a new mortgage? I.E. BTL?
- Just wanted to know what needs to be provided to MPowered Mortgages in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another apartment with my partner.
- Is consent to let a less costly way of becoming a landlord? Isn't this a loophole for some people to exploit?
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 Advice
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
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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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