Need Help?
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.
Common questions relating to Topaz Finance consent to lease
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Having endured living in a rough area for 3 years now, we are keen to relocate. As disposing of the property will result in early repayment charges to Topaz Finance of £3500, we thought that it would best to let it out. So, we need to obtain a consent to lease from Topaz Finance only for less than a year. Will Topaz Finance grant consent?
- I have a homeowner mortgage with Topaz Finance and will be joining the Royal Fleet Auxiliary in January. This is a civilian manned fleet owned by the MOD. I will be at sea four months on and three months in the UK. Whilst away I want to let out my house in Hounslow and live with my brother when on shore. Will this be granted?
- I am looking to acquire a one bed flat in Lambeth. I am only looking to be there for under a year, and then move into a larger home. As opposed to selling the prior property I would like to let it out so that it form part of my investment portfolio. Do you know if Topaz Finance would grant consent to let in such a scenario?
- A colleague recently sought CTL from the Woolwich which they declined as the mortgage had not been going for six months. I am about to ask for consent to let from Topaz Finance. Will they take the same approach?
- I am looking to Topaz Finance to issue me with consent to let out my home in Harrow. I am moving to care for my elderly father who has liver failure
- I would like to let out the attic in my apartment in Haringey. Do I require consent to let from my mortgage co Topaz Finance?
- My partner is considering purchasing a new property in Haringey and is on to a good deal as it needs renovating. We want to rent our current property for 2 years and then return. Will I be given consent to let by Topaz Finance?
- I am interested in consent to let for my house mortgaged with Topaz Finance. How do I move forward? Do I have to apply to Topaz Finance and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Topaz Finance 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Topaz Finance