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.
Virgin Consent to Lease Example Support Desk Enquires
- What information do Virgin expect to to determine whether to grant consent to let. I am on a 2 year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to Redbridge owing to surprising growth of family. I will be sticking with my existing job and my salary has gone up thirty per cent since I took the mortgage out.
- I have been offered an excellent career opportunity for 6 months abroad. I do have sufficient money to meet the monthly Virgin mortgage yet the block insurance requires continuous residency in order not to be invalidated. Last Christmas the roof suffered storm damage but was repaired. If there happened to be any problems during the winter months I would find it hard to cover the remedial works. Will I qualify for consent to let by Virgin for the period I am abroad?
- We are currently in Dubai and letting out our flat in the UK. This was unplanned but an opportunity presented itself and we took it. The rental income is not enough to cover the mortgage so we transfer money each month to make up the difference. Anyway this morning I got a letter in the post from our lender informing me that because the property is being let out and has been for nearly four years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will be difficult as I am on the other side of the world. Could we remortgage with Virgin and get consent to let?
- Enquiring whether Virgin conduct any checks when applying for a residential mortgage, I'm ideally looking to rent the property out and am unsure as to whether I should apply for consent to let. How likely are they to find out if I let the property out?
- I am looking to get consent to let on my Lewisham apartment from Virgin. I will be leaving the UK for a year so wish to know if I can rent out my flat
- Am I required to wait for consent to let to be issued on my current residential mortgage with Virgin before applying for a resi mortgage on a second property?
- My Virgin mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I have just recently bought my home and took out a mortgage with Virgin but my boyfriend has asked me to move in with him. Would I be granted consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Virgin consent to let Questions and Answers
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 may trigger your insurance becoming invalid. 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Virgin your property may be repossessed