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.
Common questions relating to The Mortgage Business consent to lease
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Can one refinance on a consent to lease with The Mortgage Business?
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I intend to let out my flat to some tenants who have asked me for sight of my ‘consent to let’ from The Mortgage Business, my mortgage lender. Is this normal?
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Are any options available to me if my request to obtain consent to let is rejected by The Mortgage Business?
- I am currently in the process of emigrating to Germany . As opposed to sell up, I wish to lease my existing property out, just in case things turn out badly and I decide to return within one or two years. My current mortgage is with The Mortgage Business. Would I be able to remortgage with another mortgage company on a much lower interest rate then apply for Consent to Let after the re mortgage is in place?
- We are considering a remortgage and also exploring the possibility of renting the property in the years to come - Is there a fee with The Mortgage Business to receive consent to let and what are the requirements?
- Will The Mortgage Business choose to exercise a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Is it possible to refinance on a consent to let with The Mortgage Business?
- Please can you set out the process for procuring consent to let by The Mortgage Business? Is there certain requirements for example you have to live in the property for over 6 or 12 months before its given?
- Are you aware if there is normally a maximum loan to value amount before The Mortgage Business will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above The Mortgage Business consent to let Info
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
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 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Business