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Need professional advice for your consent to let with The Mortgage Lender Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: The Mortgage Lender consent to let
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I am in an impossible situation with a Consent to Let home loan. Having sought consent to let my lender has asked me to provide them with a signed tenancy agreement before they will grant consent. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- I obtained consent to let from The Mortgage Lender two yrs ago but failed to need it and subsequently refinanced with a new bank. I recently asked for consent to let. I was informed that it would be given since I met the criteria. However I received a communication advising me that I need to provide evidence from the DWP indicating that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £40 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- I have just received a mortgage offer with The Mortgage Lender. With any luck I will get keys in the coming weeks, however I may potentially be posted overseas for work. How feasible is it for me to receive consent to let from The Mortgage Lender shortly after drawing down on the mortgage. Are there any other options open to me?
- I am a landlord having served eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been served. The tenant's defense for refusal to pay is based on the claim that I lack consent to let my two bedroom second floor purpose built maisonette from my lender The Mortgage Lender
- Can I get an interest only mortgage with consent to let when my current The Mortgage Lender deal runs out June 17?
- I recently purchased a apartment with a The Mortgage Lender home loan. However I am currently living with mother and father. I don't want to move in until for nine months due to personal reasons. In meantime can I lease out the property with consent to let?
- Will The Mortgage Lender issue consent to let my home? I have an existing homeowner mortgage, never had arrears and have been with The Mortgage Lender for about five years now. What charges am I likely to incur
- Ten months into homeloan with The Mortgage Lender due to work reasons need to relocate. Do you think I can get buy to let or consent to let.
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 Lender 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 Lender 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 standard 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 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action 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 Lender