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Need professional advice for your consent to let with Rooftop Mortgages 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: Rooftop Mortgages consent to let
- I have a residential Rooftop Mortgages mortgage and am looking to acquire consent to let as I would like to move to another property belongings to me. It would appear that you can help. How do your fees work for this service?
- I have a Rooftop Mortgages mortgage and have been renting the property without consent to let, making me in breach of my mortgage conditions. I think I have come onto their radar that I am not living there. What are the legal consequences of my failure to obtain consent to let?
- I want a bit of precautionary insight to consider if consent to let is a sensible proposition. I completed the purchase of my apartment nine months ago by transferring an existing Rooftop Mortgages mortgage product. My fixed rate ended four months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Rooftop Mortgages, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to change to a B2L mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to raise extra capital to satisfy the 65% LTV ratio required for a buy to let mortgage. Ideally I would like to obtain consent to let from Rooftop Mortgages for a couple of years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
- We are currently in Hong Kong and letting out our apartment in the UK. This is not something we planned but an opportunity presented itself and we took it. The rental income is not enough to cover the mortgage so we transfer funds each month to make up the shortfall. Earlier today our lender got in touch telling me that because the property is being let out and has been for nearly four years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the flat but this will be difficult as I am so far away. Would it be possible to remortgage with Rooftop Mortgages and get consent to let?
- I'd like to know if Rooftop Mortgages are likely to grant consent to let out our flat in Greenwich
- Were we to ask for a consent to let letter from Rooftop Mortgages will we be made to change to buy to let mortgage? We are with Rooftop Mortgages and as houses are not selling at the mo and we have seen one we like we were considering letting our home out in order to acquire the new and sell this one if the value improves.
- Are you able to help? I am just enquiring whether Rooftop Mortgages offer consent to let as an option should I decided to lease out my property under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- We would like to obtain consent to let on a house where we have a mortgage with Rooftop Mortgages. If issued, how long would consent be given for? In seeking consent to let from Rooftop Mortgages are we running the risk of them forcing us to change deal to BTL
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Rooftop Mortgages 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Rooftop Mortgages