Need Help?
Need professional advice for your consent to let with Paratus AMC Ltd? 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 Paratus AMC consent to lease
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A friend of mine suggested that this Christmas I rent out my apartment and generate some income whilst on holiday. I only plan to be away for four weeks. Do I need consent to let from Paratus AMC?
- In what situations will consent to let for a property be granted from Paratus AMC? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Paratus AMC? In order to give you some perspective:Our home is a very small mid terrace house which is too small for our family, my husband is also unwell and we are far away from family who could provide a bit of relief, in the form of babysitting. I would be looking at procuring consent to let initially in order to put a tenant in it to cover the costs of the Paratus AMC mortgage.
- I purchased a house 3,two years ago in Leeds when I worked locally. I got a new job which necessitated working in Wimbledon. I commute down on Saturday afternoon and live with a family member during the week. I am now consideringmoving home to avoid the commute. I am deliberating the option of renting out my current home. My mortgage is with Paratus AMC, would I have to move onto a new mortgage rate or do I try to get consent to let?
- Last week provided with a career opportunity overseas and considering whether it's a good idea renting my property out. Will Paratus AMC allow me to switch mortgage or issue me with consent to let? If not I will have to consider if it's worth taking the job. I have no objection to paying an increased amount as it is likely that I will come back and live in my home after 1 to 3 years. I'm not doing it to profit. Just love my house and wish to return to it one day.
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and i'm not keen to sell my property just yet. So now I want to know what I would need to do to get consent to let from Paratus AMC
- I have a mortgage with Paratus AMC and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
- I might potentially need consent to let from Paratus AMC in the future with work. I am just seeing what the options would be if this was the case. Is there a limit on the length one can let out your property with consent?
- Eleven months into mortgage with Paratus AMC due to job offer.. need to relocate. Do you think I can get buy to let or consent to let.
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General Advice to read in in addition to the above Paratus AMC consent to let Advice
Tax and Legal
There may be various 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
One thing to remember when arranging a consent to let mortgage with Paratus AMC is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 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 Paratus AMC