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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.
The Mortgage Lender consent to let: Q and A’s
- My wife and I are interested in understanding the conditions customers have to satisfy before consent to let from The Mortgage Lender is given. Do you know if there are any restrictions on who can be granted consent?
- Hello, I have consent to let my property with The Mortgage Lender and am now looking to give my tenant 2 months notice as I want to sell the property. I am worried about the property being vacant once the tenant leaves and finding a purchaser. I have never defaulted on the account, would it be possible to take payment breaks pending the sale of the property?
- Am I obliged to inform The Mortgage Lender of my intention to rent a shed out on the grounds of my property. Can you help clarify? I am taking separate advice on the insurance, legal and tax side of things .
- My partner and I might have to rent his property out. I realise that I must obtain consent to let from The Mortgage Lender. We plan on joining a landlord association should we go ahead and let the flat, but are there any thoughts on which are the best? We've seen the RLA and National Landlords Association.
- I want to take in in a lodger for my garden flat in Lewisham which I live in. My mortgage is with The Mortgage Lender. Will they grant consent to let?
- Is consent to let required from The Mortgage Lender if I am planning to occupy the flat myself for half of the year? Also if I gain consent to let for a limited time, say up to twelve months, what happens after that.
- Do you know if there is normally a required loan to value amount before The Mortgage Lender will consider consent to let?
- I took a domestic mortgage with The Mortgage Lender. I purchased the property in July last year. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above The Mortgage Lender consent to let information
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
If 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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