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.
Recently asked questions relating to The Mortgage Lender consent to lease
- I have a house in Lewisham but I am moving with my girlfriend to a different town for career reasons and moreover close to her university. My preference is to keep my property but not sure I can afford a BTL rate. It will only be short term -3 years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with The Mortgage Lender. Do you think they will grant consent to let?
- Existing apartment valued at £125,000. Remaining mortgage £20k with six years to run. Seek consent to let from The Mortgage Lender for current flat and make use of rent to pay off the last few years of mortgage. Apply for 75 per cent The Mortgage Lender mortgage on new property that I will consider to be my main home? Any reason I cant do this?
- I am in possession of a mortgage offer from The Mortgage Lender, but we are running up against a serious block. My husband is a teacher in a boarding school, and as such living quarters is a perk of the job. We wish to buy a one bed flat with a view to joining the property ladder, and rent it out while we're in school accommodation. I had thought The Mortgage Lender would be willing to give consent to let from day one of the loan. It transpires that I may not be able to get consent to let. Do you have any suggestions?
- I purchased a maisonette in Southwark in 2006 and remortgaged with The Mortgage Lender on a rate which expires in the later this year. If I go abroad and want to rent out my property what would I need to do to get consent to let and what are the consequences?
- How easy is it to get a consent to let from The Mortgage Lender and what are the fees? If I want to let out my property for three months how simple is it to chop and change between a owner occupier mortgage and consent to let?
- I am looking to The Mortgage Lender to issue me with consent to let out my flat in Waltham Forest. I am moving to Norway for 5 months for work.
- At the moment I do not have consent to let from The Mortgage Lender but I would like to change to one, I am looking at working away for a couple of years. But want to keep my house for my return - can you help?
- Prospective tenants are about to move into my property and I have mortgage offer from The Mortgage Lender on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
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 Advice
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Lender