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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
- My fiance and I are currently 1 year into a year fixed rate mortgage with Paratus AMC. We would like to buy a more substantial second property in the next few months however would prefer to retain the first home and I was wondering what reason we could put down on the consent to let form to get their approval
- Our current house in Bexley has approximately £120K equity with a mortgage with Paratus AMC. It's a decent family house in a popular location and it should rent easily. We are possibly moving for my husband's work and were thinking of keeping this house on as an investment property - should we be swapping the mortgage to a B2L product or can we get consent to let from Paratus AMC?
- I have a normal mortgage on a maisonette in Harrow but have rented it out without making Paratus AMC aware of this. I now need a consent to let letter. How can I get one?
- I have been leasing my flat to a tenant for three years but not on a buy to let mortgage because I thought that you only required a buy to let if you had more than one property. In trying to acquire a second property, I found that I should have obtained consent to let all along from my lender Paratus AMC. I'm wondering whether I can now seek consent to let from Paratus AMC?
- Paratus AMC - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I am trying to find out if Paratus AMC will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I have four months to remaining on a 2 year residential mortgage with Paratus AMC but now lease the property out. Can I assume they will just charge a flat fee for consent to let?
- My wife and I have a granny flat attached to our home. Do we need consent to let this from Paratus AMC? If so, what is the process if I wish to change the mortgage to consent to let?
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General Advice to read in supporting the above Paratus AMC consent to let Questions and Answers
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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Paratus AMC