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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.
Recently asked questions relating to Platform Home Loans consent to lease
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I have a residential mortgage coming up for reissuing with Platform Home Loans. The property has been sub-let for a two years and I think I should notifyPlatform Home Loans. I understand that I should seek consent to lease, but since the property has previously been rented out could they deny - determine that I go onto a BTL mortgage and even fine me? There is excellent equity - 30% LTV and have never missed any payments.
- I would like to buy a second property having recently bought a maisonette on domestic mortgage. Looking to purchase next year. I am told that I may require consent to let from Platform Home Loans, my current mortgage provider? What is the best way to go about this and obtain the permission required.
- Where a property owner opts to let out their property without consent to let from Platform Home Loans - what, if any implication could there be for an agent acting on their behalf?
- I am planning to release equity in my existing house to purchase another property which I propose to live in whilst I do it up. I would like to rent my existing property with the Platform Home Loans homeloan. I was just seeking a general view on whether Platform Home Loans currently allows consent to let? House is valued at £450 k with a £125k home loan in place.
- I have a mortgage with Platform Home Loans and am considering letting it for two months while on holiday. Will Platform Home Loans consent to this?
- Afternoon? I am just enquiring whether Platform Home Loans offer consent to let as an option should I decided to let out my property under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from Platform Home Loans and let my garden flat out if I move in with her?
- I wish to apply for consent to let from my lender Platform Home Loans to rent out my house. I was thinking of moving in with myfiance. Do Platform Home Loans issue consent to let in this scenario?
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Caveats to be read in conjunction with the above Platform Home Loans consent to let Info
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 Platform Home Loans 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Platform Home Loans your property may be repossessed