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.
Sample questions relating to The Mortgage Business consent to let
- What's the difference btw consent to let and buy to let? What is the consent to let rate offered by The Mortgage Business?
- My fixed rate expires early next year and I wish to fix for a further 4 years with The Mortgage Business, hopefully rates will remain low. In in next couple of years I might wish to move for a couple of years to a different city. How problematic is it to get consent to let from The Mortgage Business under this situation? Assuming that monthly rent payments would be about £300 above the The Mortgage Business mortgage payments.
- After retiring in 2014 I purchased a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our kids and I have consequently applied to The Mortgage Business for consent to let. I was just seeking a general view on whether The Mortgage Business currently allows it?
- I am in the Royal Air Force and intending to purchase a house with a The Mortgage Business mortgage. I would like to be given consent to let the house to my sister. In the future I would reside in the property myself when my military career comes to an end. Is this feasible?
- I would like to send the consent to let form by courier and need to know if The Mortgage Business have a regular mailing address I can use as couriers usually don’t accept deliveries to PO Box numbers.
- I was just enquiring if The Mortgage Business would grant consent to let and what kind of charges, penalties and new rates etc
- When it comes to consent to let from The Mortgage Business am I obliged to tell them each time we get a new tenant and forward them a copy of the lease document?
- It is looking as though I may need to move to Miami for a couple of years, I have a house with a The Mortgage Business mortgage. Do I need to seek consent to let? Will they be accommodating?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above The Mortgage Business consent to let Questions and Answers
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 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
If your property is 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 terms are not adhered to you may be in violation of the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with The Mortgage Business your property may be repossessed