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Need professional advice for your consent to let with Topaz Finance plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Topaz Finance consent to let: Q and A’s
- I've got a current homeloan with Topaz Finance coming up to 3 years and the fixed rate is due to expire. We are contemplating taking equity from our present home to enable us to acquire a new larger house and then let out the existing 2 bed flat. We have had initial advice that we should get a new domestic mortgage allowing for consent to let - can you explain what this is?
- I'm looking to acquire a studio flat in Hounslow. I am only looking to reside there for under a year, and then move into a larger apartment. Rather than sell the first property I would like to let it out so that it becomes an investment. Do you know if Topaz Finance would issue consent to let after half a year?
- What is the procedures for obtaining consent to let from Topaz Finance? What information do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide to sell the property rather than rent the property out?
- We are currently in Hong Kong and letting out our apartment in the UK. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we transfer funds each month to cover the shortfall. Yesterday our lender got in touch telling me that as the property is being let out and has been for nearly three years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell the apartment but this will not be easy as I am so far away. Would it be possible to remortgage with Topaz Finance and get consent to let?
- My wife and I are interested in understanding the Topaz Finance consent to let process and conditions for granting.
- I don't currently have consent to let by Topaz Finance but I would like to apply, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my property for when I come back - can you help?
- I am looking to place our matrimonial home on rent due to job commitments and was wondering if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Topaz Finance at the moment until 2017 December
- I want to apply for consent to let from my mortgage provider Topaz Finance to lease out my property. . Can you tell me if Topaz Finance grant consent to let in this scenario?
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Important warnings to consider in supporting the above Topaz Finance consent to let Info
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
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation 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 taking legal action 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 Topaz Finance