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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I have a regular mortgage over my property in loc with the intention of moving abroad to country for two years. During this time frame I want to lease out my apartment. My mortgage provider will not provide me with consent to let. I am not inclined to transfer to a buy to let loan as it’s only for a limited time-frame that I am abroad for.
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The Mortgage Business have just granted me consent to let. After some effort, The Mortgage Business have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- I have rented out my studio flat in Lambeth for the previous 18 months, and I didn't realise that I required consent to let. I would like rectify the situation. Would this be an issue?
- I am already a The Mortgage Business mortgage customer in need of consent to let on my current property. We would like to buy near where we are based with the Royal Navy,... but we might have to relocate.
- 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
- Will The Mortgage Business choose to operate a right to change the rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Can one refinance on a consent to let with The Mortgage Business?
- I currently have a residential mortgage with The Mortgage Business and plan on letting due to work being based in Manchester. In asking for consent to let from The Mortgage Business do I run the risk of them forcing me to change deal to buy to let
- Not sure if you can help What do I need to do to get consent to let from The Mortgage Business? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above The Mortgage Business consent to let Advice
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
Where 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 inform them could trigger your insurance becoming null and void. 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 lease may prohibit 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 advise 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