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.
Top Five Questions relating to The Mortgage Lender consent to lease
- I am three years up in a 5 years fixed rate mortgage and planning to take a job abroad so wish to rent out my flat for a couple of years. My equity is in the region of fifty per cent. Can you tell me if The Mortgage Lender will charge me more interest for consent to let for the period of my letting?
- If I took out a new product with The Mortgage Lender how long do I have to wait for consent to let without changing from a normal mortgage?
- I have a apartment in Barnet with a The Mortgage Lender mortgage but I no longer live there. My sister moved in but is there rent free. At the moment I live in rented premises and am looking to purchase a house. I have identified an ideal property at reasonable price. I have enough of a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a buy to let mortgage at the same time. Can I switch the current The Mortgage Lender mortgage for my old flat into a consent to let and use my reserves to pay a larger deposit for the domestic mortgage on the property that I want to buy?
- My husband and I may have to rent his apartment out. I am aware that I need a consent to let by The Mortgage Lender. We plan on joining a landlord association if we go ahead and let the flat, but which of the two should we join? We've come across the RLA and National Landlords Association.
- I don't currently have consent to let by The Mortgage Lender but I would like to change to one, I am looking at working away for eighteen months. But want to keep my home for my return - are you able to assist?
- I have a residential mortgage with The Mortgage Lender, and I would like to lease the house out, until I decide whether to sell or keep it as an investment. As things stand I am on the fixed rate. Will I need to move onto a new mortgage? I.E. buy to let?
- I am considering moving in with my girlfriend but prefer not to sell my place. What is the process for applying for consent to let from The Mortgage Lender, and what are the chances that this will be granted?
- I have fixed rate mortgage with The Mortgage Lender. I am going have to lease out my place due to necessity. Were I to seek consent to let, will I have to pay a lot more interest?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above The Mortgage Lender consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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 commencing legal proceedings 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