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.
Sample questions relating to Topaz Finance consent to let
-
I have been asked by my proposed tenants for sight of my ‘consent to let’ from Topaz Finance, my bank. Is this normal?
- I am looking to get a consent to let from Topaz Finance as my personal circumstances have changed. My stepdaughter was starting university and I concluded that we would move to the area and chose to purchase a house as opposed to spend the money on renting. After having bought the house there has been serious deterioration in my relationship with my my step daughter and she won't live there. Since the whole idea was for her and the house location is not particularly ideal for my work I would like to leave and rent out the property
- Current property worth £97,000. Outstanding home loan of £20k with six years left. Apply for consent to let via Topaz Finance for current premises and use income to pay off remaining of mortgage. Take out sixty per cent Topaz Finance loan on further premises that I will consider to be my main address? Is this viable?
- After having retired last year I acquired a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our kids and I have therefore contacted Topaz Finance for consent to let. What are the chances of this being granted?
- My fiance and I are looking to ask Topaz Finance for consent to let out our home in Tower Hamlets. We are relocating overseas for 3 years and need to rent out the property. I omitted to check this out when we got the Topaz Finance mortgage, and that was due to the fact that we never foresaw an opportunity would arise such as this so was planning on being in the house.
- When it comes to consent to let from Topaz Finance am I supposed to update them each time we get a new tenant and forward them a duplicate of the AST?
- I am looking to Topaz Finance to grant consent to let out my flat in Lambeth. I am moving to India for 6 months for work.
- My GF is considering placing an offer on a new property in Bromley and is on to a good deal as it requires renovating. We want to rent our current property for two years and come back to live. Is there anything in the Terms and Conditions of my Topaz Finance mortgage allowing me to let it out or do I require specific consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
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
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 breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Topaz Finance your property may be repossessed