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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.
Questions and Answers: Virgin consent to let
- I have a mortgage with Virgin. I would like to purchase a further house and my mortgage broker recommended I apply for a consent to let. As far as I am aware they would only accept the consent to let where it is my intention to reoccupy my current home. Is this correct?
- I have been reckless in not informing Virgin that I’m renting my one bedroom apartment out. The latest tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Virgin, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- Approximately twelve weeks ago I vacated my property in a rush and rented out the property. I am aware I should have negotiated a consent to let by Virgin but was unsure what my plans were and it escaped my mind to get consent. I'm now in the position where I wish to sell that property and transfer the Virgin loan to a new flat. I can't see a path to do this without finding myself at the mercy of Virgin for not obtaining consent to let. When porting, at the time of discharging the mortgage, you must say you intend to "port the rate" and go through a new set of affordability checks. Although I do not foresee difficulties with my financial standing, the credit check will reveal I don't live there any more.
- I have an annex that my dad has vacated. As my property is large I was considering moving into the annex and let the rest out. This is also due to change in my personal situation. Would I need a consent to let from Virgin?
- My husband and I are looking to ask Virgin for consent to let out our home in Barnet. We are relocating overseas for 2 years and would like to to let it out. I didn't look into this when we got the Virgin mortgage, and that was due to the fact that we never thought an opportunity like this would come up so was planning on being in the property.
- We are one year into a three year residential mortgage with Virgin. Just wondering if it's permitted to rent out the property on my current home loan. Will Virgin give consent to let?
- My existing mortgage is with Virgin, but I will soon to need move out for approximately 12 months as we need to be nearer to my wife’s mother. Will Virgin give consent to let?
- Does my loan to value need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Virgin. Will any consideration be given to the fact that I only drew down on the mortgage four months ago?
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Caveats to be read in supplemental the above Virgin consent to let information
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
If 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 inform 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with Virgin your property may be repossessed