Need Help?
Need professional advice for your consent to let with Virgin Money plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Virgin consent to lease
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What is the most extreme action Virgin can take if I have rented my property in the event that consent to let is not forthcoming?
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I plan to get in touch with Virgin for consent to let out my property in Virgin. However I have put the house on the market but there are no takers and forking out for a full mortgage, council tax and insurance on unoccupied house is exhausting my finances. How are Virgin going to react if I have the house on the market?
- I am planning to contact my lender Virgin setting out the following reasoning for my request for consent to let ; "I am struggling with the mortgage and wish to move back with my parents but can't sell. I wish to avoid defaulting on the mortgage and have considered returning the keys. If you granted consent to let this will likely solve things." Is this likely to convince them to grant me consent to let?
- Me and my sister are currently twelve months into a year fixed rate mortgage with Virgin. Ideally we would like to purchase a bigger second property in the next year however would like to keep the first house and I was enquiring as to what reason we could put down on the consent to let application to obtain consent to from Virgin
- Can you help me understand the requirements that Virgin set for consent to let? Can you help?
- Please can you tell me the circumstances under which Virgin would refuse a request for consent to let?
- I have a domestic mortgage with Virgin which is only eight weeks in but I have been relocated with work. How easy is it to get consent to let from Virgin for a mortgage that has only recently started and I have just purchased the property?
- My wife and I spoken to someone at Virgin about changing our existing homeloan to consent to let (the existing 2 year fix comes to an end in spring 2016). Can I just confirm that I need to formally put the request in writing setting out our change in circumstance to Virgin? Where do I need to post it to?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Virgin 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
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 result in 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
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Virgin your property may be repossessed