Need professional advice for your consent to let with Precise Mortgages (Charter Court Financial Services Ltd)? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Due to problems with the area we live in (it's rough!), we now want to move. As selling the property will involve redemption penalties to Precise Mortgages of £3500, we thought that it would best to rent it out. In the circumstances we need consent to lease from Precise Mortgages only 12 months. Will Precise Mortgages grant consent?
Can one refinance on a consent to lease with Precise Mortgages?
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.
One thing to remember when arranging a consent to let mortgage with Precise Mortgages 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
If your property is 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.
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.