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
-
I bought a house in 2012 for 175,500 with The Mortgage Business. My husband’s job requires him to relocate to Qatar and realise that I need to apply for consent to let from The Mortgage Business. Do you have any experience of consent to let from The Mortgage Business?
- My friend has rented her property off the same landlord for almost 18 months. For the last year my friend has been receiving letters from The Mortgage Business (she hasn't opened them-it is clear from the envelope). Inititially she forwarded them to the landlord’s address. My suspicions were aroused as none of the landlady's mail was supposed to be going there. So I went to my friends house and phoned The Mortgage Business on her behalf. The guy I called at The Mortgage Business had a long list of questions, the landlord’s details, the tenant's details and then said they would look into whether she could legallylet out the property or if it was an offence without consent to let. What does this mean for my friend?
- What are the chances of The Mortgage Business in giving Consent To Let on a studio flat? It is currently on the market and it has been for two months. I need to sell but I'm mindful that given the lack of interest I will have to get a tenant in to cover the mortgage to The Mortgage Business (I no longer reside at the address). My preference is to be open with The Mortgage Business than keep them in the dark but I am worried as to how accomodating they will be.
- We took out a fixed rate mortgage with The Mortgage Business for two years and have been living in the house for about one year. Due to work I need to relocate so I would like to rent the place out. How can I get consent to let from The Mortgage Business?
- My two year fixed rate with The Mortgage Business is due to run out shortly and I will go on to the current variable rate. I would like to know whether consent to let from The Mortgage Business is possible, if there are cost, and if there are time limits?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from The Mortgage Business
- I would like to know if I have a residential mortgage with The Mortgage Business and decide to rent it out, does the rate change and are there any supplemental fees for obtaining consent to let.
- I would like to get consent to let from The Mortgage Business for a few years until I hope to transfer to a B2L. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above The Mortgage Business 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with The Mortgage Business your property may be repossessed