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Need professional advice for your consent to let with Paragon Mortgages Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Paragon Mortgages Consent to Lease Example Support Desk Enquires
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I have been letting out my flat with "consent to let" from Paragon Mortgages on a standard mortgage for the past three years. Paragon Mortgages have just written withdrawing their consent to let if we do not swap to one of their "buy to let" products.
- Last year we purchased our council home, in Camden,recently valued at £175k. It's completely paid for from our own finances, mortgage fee. We can't sell (without penalty of losing some of our discount) before five years have expired. Regardless, we would like to keep it as a investment property to rent out. We are considering taking out a mortgage with Paragon Mortgages. Will consent to let be given?
- As a result of changes in my personal circumstances I am planning to move in with my girlfriend this month and I have let my property out to 2 tenants on a twelve month tenancy. The application for consent to let from Paragon Mortgages is in hand but what if they refuse. I can’t rescind on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Paragon Mortgages could take me to court for contravention of contract i.e. letting it out without consent to let.
- I vacated my apartment about five months ago but didn't get around to get a consent to let letter, mainly because the mortgage fix rate period is ending in a couple of months and I am considering getting a new mortgage anyway. I want to ask for consent now, is that going to be forthcoming?
- Is there a maximum period that Paragon Mortgages is willing to grant me the Consent To Let for?
- I have a mortgage with Paragon Mortgages and am considering letting it for eight weeks while on holiday. Will Paragon Mortgages consent to this?
- My family circumstances has changed, and I would like to rent my home out - meaning consent to let- I have approx £175K loan with Paragon Mortgages and currently 100k equity I need to side-step the redemption penalties.
- I have a homeowner homeloan with Paragon Mortgages. I purchased the property in September this year. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Paragon Mortgages 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
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 may result in 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Paragon Mortgages your property may be repossessed