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Need professional advice for your consent to let with Platform Home Loans Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Platform Home Loans Consent to Lease Example Support Desk Enquires
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My lender has placed me in a pickle with a Consent to Let home loan. In response to requesting consent to let my bank has requested that I produce a signed Assured Shorthold Tenancy prior to issuing consent. Is is not the case that if I adhered to their request that I would be violating the terms of my existing mortgage?
- I rented my house out for three years between 2010-2013 while employed overseas. I have a letter dated March 2010 from the building society granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender Platform Home Loans for the property I intend to buy.Can this be correct
- What is the maximum period of time permitted by Platform Home Loans that I would be able to let my property before being required to switch mortgage or sell my house? In short, my partner has asked me to move in with him and I really don't want to sell my house. I would like the fallback of knowing I still own my own property.
- I am planning to rent out my house for 12 months from 10th November next year. Is there a template letter I can use to send to Platform Home Loans to apply for consent to let.
- My partner and I are planning to ask Platform Home Loans for consent to let out our house in Lambeth. We are moving overseas for three years and wish to let it out. I didn't look into this when we got the Platform Home Loans mortgage, and that was only because we never anticipated an opportunity like this would come up so was planning on occupying the property.
- When it comes to consent to let from Platform Home Loans am I obliged to tell them each time we get a new tenant and send them a copy of the lease?
- My wife and I may have to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell Platform Home Loans or do I keep schtum?
- I am looking at taking a job abroad and have been advised that I need to let Platform Home Loans know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Platform Home Loans consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit 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 your covenants under the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Platform Home Loans