Need Help?
Need professional advice for your consent to let with The Mortgage Business? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to The Mortgage Business consent to lease
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For the last few months I have been letting out my flat in Croydon. I didn't get consent to let. I moved to Aldershot for work relocation purposes and couldn't do a commute but was worried that The Mortgage Business would charge me a small fortune so I decided to take the risk. I'm hoping to legitimise it now... basically continue leasing it but with consent. Can you offer any advice as to how I go about doing this?
- The plan is to move in with my partner and I have let my property out to two tenants on a twelve month AST. The application for consent to let from The Mortgage Business is in hand but what if they decline. I can’t renege on my contract in terms of backing out of renting the students as they have all signed up. On the other hand The Mortgage Business could sue me for breach of contract i.e. renting it out in the absence of consent to let.
- We are looking to lease out our three bedroom first floor purpose built maisonette in Camden in March. I would like some guidance on what I need to do. I've just moved our The Mortgage Business mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- I have an annex that my father has vacated. As my property is large I was thinking to move into the annex and rent the rest out. This is also due to change of circumstances. Would I require consent to let from The Mortgage Business?
- How likely is it that I can retain my existing domestic mortgage with The Mortgage Business if I start renting out? If the consent to let is issued will they load the interest rate?
- My mortgage is currently with The Mortgage Business and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. What are my consent to let options currently?
- I would like some guidance on how best to approach my mortgage lender The Mortgage Business regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
- I might be looking to let out my property and wondered what I would need to do to get consent to let from The Mortgage Business. I may be emigrating permanently.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above The Mortgage Business 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 The Mortgage Business 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 to have a license to do so from 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
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 The Mortgage Business