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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.
Frequently asked questions relating to Topaz Finance consent to lease
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Is consent to lease required from Topaz Finance or can I rent out my garden flat without telling Topaz Finance and having to transfer to a buy-to-let mortgage?
- I have to move my daughter’s school by mid-September and move to a different area. I don't have time to find a buyer for my house.The only way I can see of doing it is to rent my property out. Currently I have buildings and contents insurance. Do I need different insurance? Do I need consent to let via my mortgage company Topaz Finance
- I have just been on the phone to Topaz Finance who have advised me that they discovered that I have been renting the ground floor flat even though it is on a normal mortgage. I had to move two years ago for childcare reasons, couldn't sell and was left with little option but to let out the property. Do you know what the implications may be for me not obtaining consent to let?
- My husband and I are soon to send the final information to our IFA for them to proceed with our mortgage application to buy our first home together. My husband has another flat in 2003 which he jointly owns with his brother. That flat has been let out without any consent to let from Topaz Finance. Fast forward to our application - our broker is seeking info on the Topaz Finance mortgage. If we admit about the lack of consent to let by Topaz Finance will it adversely impact the chances of getting a mortgage?
- I’ve already been told to write a letter to Topaz Finance to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I wishing to obtain consent to let for my property as I am moving out for nine months currently fixed Topaz Finance mortgage with three years which is due on July next year.
- I have a mortgage with Topaz Finance and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. How feasible are consent to let options currently?
- We need to contact Topaz Finance to enquire about leasing out our flat. Do they post a document to me. Is there a form I can download?
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General Advice to read in conjunction with the above Topaz Finance consent to let Info
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
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
Should the tenure of your property be 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 breach of your covenants under the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Topaz Finance