Need Help?
Need professional advice for your consent to let with The Mortgage Works? 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 Works consent to lease
- I have a three bed leasehold maisonette via a The Mortgage Works mortgage and have a lodger sharing with me. I have decided to take a job in a different city and will rent there. My lodger doesn't want to move out so is willing to pay a higher rent. Do I have to seek consent to let via The Mortgage Works?
- I have a one bedroom apartment in Croydon let out which has a seventy year lease. Mortgage adviser suggested I should refinance (currently with The Mortgage Works) as a buy to let instead of consent to let and release 45-55k which on top of a new homeloan based on my income would give me a budget of £195k. Limited available in Merton for me to buy my own property. To extend the lease will cost 19k. Should I keep or sell the flat?
- I took out a normal mortgage with The Mortgage Works last December and then had to relocate for work, I am now looking to letting my apartment out for six months whilst I am abroad. What are my chances of obtaining consent to let from The Mortgage Works, and what effect would this have?
- Need some help about renting a property and consent to let. Later this year I want to move in with my partner. The local authority would like to rent my flat for five years guaranteed with rent being paid and maintenance. The mortgage is with The Mortgage Works. Please advice
- I took a residential mortgage with The Mortgage Works, and I would like to lease the house out, until I decide whether to sell or retain it as an investment. At the moment I am on the fixed rate. Will I need to move onto a new mortgage? I.E. buy to let?
- We have a mortgage with The Mortgage Works on our one bedroom apartment in Bromley. We are planning to buy a new house to move into. How do I switch our current mortgage on to consent to let?
- I am looking to get consent to let with my The Mortgage Works residential mortgage. It is a detached house. Will The Mortgage Works grant consent on this basis? Or would it be regarded as an HMO?
- I have a mortgage with The Mortgage Works but am wanting to rent my house out and move in with my partner and baby what is required to get consent to let?
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 Works 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
Where 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 notify 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
If your property is 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 terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with The Mortgage Works your property may be repossessed