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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.
Questions and Answers: Paratus AMC consent to let
- I am thinking of applying for consent to let from Paratus AMC as my personal situation has changed. My stepdaughter was starting university and I felt we would move to the area and decided to purchase a house rather than rent for 3 years. Since buying the house I have fallen out with my step daughter and she is unwilling to move in. Since the whole idea was for her and the house location is not particularly convenient for my work I would like to move out and let the house
- I would like to let my existing residence as I wish to acquire a larger house for the family. I have a fixed rate mortgage with Paratus AMC. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after two years with another lender? What connotations does that have apart from the higher rates - do I need a greater equity ratio in the property too ie lower loan to value?
- We have a fixed rate mortgage with Paratus AMC for 2 years and have been living in the house for just under six months. Due a job opportunity abroad I need to vacate so I would like to let the property out. How can I get consent to let from Paratus AMC?
- Me and my girlfriend are soon to purchase a house together. Plan is for me to get consent to let my property from Paratus AMC. Thinking a little down the line however - when my two year fixed period expires - how would it work if I sought to refinance my flat?
- I am trying to find out if it is possible to get a consent to let mortgage with Paratus AMC rather than a buy to let mortgage
- I am interested in more information concerning consent to let home loans, potentially moving our existing mortgage with Paratus AMC across to a consent to let one.
- I have just recently bought my property and took out a mortgage with Paratus AMC but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- Are you able to confirm what the process would be if we move to a second property and need to apply for consent to let for our existing mortgage with Paratus AMC
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
Failure 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Paratus AMC your property may be repossessed