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.
The Mortgage Lender consent to let: Q and A’s
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I’d appreciate your advice if you have had experience seeking Consent to Leasefor12 months from The Mortgage Lender or whether you have any tops as to how such consent is granted.
- I purchased a house a couple of years ago in Liverpool when I worked locally. I got a promotion which requires working in Luton. I travel down on Sunday evening and live with a family member mid week. I decided onmoving home to avoid the commute. I am deliberating the option of renting out my current home. The mortgage is with The Mortgage Lender, would I have to change my mortgage rate or do I try to get consent to let?
- My girlfriend and I (joint owner) are in the process of remortgaging with The Mortgage Lender. I was conducting some research concerning consent to let from The Mortgage Lender to understand the rules around potentially leasing our existing apartment out (probably in a year or 2) if we moved away. The property in question was a first-time purchase for us about 2 years ago. Currently we are living there.
- Following retirement last month I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our kids and I have therefore contacted The Mortgage Lender for consent to let. Do you think this is likely to be given?
- My fiance and I were curious as to whether it is possible if you own one property with consent to let from The Mortgage Lender, to buy a second with a residential mortgage to live in. Then once the consent expires on the first property, to change to buy to let or sell it?
- What is the process for getting a consent to let application form from The Mortgage Lender and how quickly can I get the consent?
- I currently have my mortgage with The Mortgage Lender and have been for the past twenty months and I am interested in finding out some more information about the possibility of getting 'consent to let’.
- One year into a mortgage with The Mortgage Lender due to job offer.. need to move. 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 in addition to the above The Mortgage Lender consent to let information
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
Omitting 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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with The Mortgage Lender