Need Help?
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.
Examples of recent questions relating to The Mortgage Lender consent to let
- I have a ground floor flat but I am seldom there, looking into the option of renting it out. The mortgage is with The Mortgage Lender, would I have to convert my mortgage product or do I try to get consent to let?
- For ten I have a I have had a mortgage with The Mortgage Lender. My other half has bought a house in Newham and he has asked me to live with him. Can I rent out my apartment with consent to let in case I need to move back? Also what legal documents must I provide The Mortgage Lender with when filling in the consent to let form?
- I sought consent but was refused as I did a remortgage in June but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with The Mortgage Lender but will they give me consent straight away?
- I have a mortgage with my fiance on our apartment which is up for renewal 21st July. I am having to move to Brighton for my Job in this summer. What are the chances of being able to switch to a consent to let mortgage with The Mortgage Lender?
- I am looking to The Mortgage Lender to issue me with consent to let out my studio flat in Wandsworth. I am about to commence a PhD opportunity in Maastricht University, Netherlands
- How much of my mortgage allowance will be made available to borrow if I switch my mortgage to a consent to let with The Mortgage Lender?
- Four months ago I purchased a apartment using a The Mortgage Lender home loan. However I am presently living with parents. I don't want to move in until for six months due to some family issues. In interim can I let out the property with consent to let?
- Do The Mortgage Lender give consent to let? I am just considering this in order to move house in the coming months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above The Mortgage Lender consent to let Info
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 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 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
If you do not keep up the payments on your mortgage with The Mortgage Lender your property may be repossessed