Need Help?
Need professional advice for your consent to let with Mortgage Express? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Mortgage Express (No 2) consent to lease
- I'm buying a one bedroom ground floor purpose built maisonette in Redbridge. My plan is to live there for under a year, and then move into a bigger property. As opposed to disposing of the prior apartment my preference would be to let it out so that it becomes an investment. Do you know if Mortgage Express (No 2) would grant consent to let after half a year?
- I am interested to know how difficult it would be to get consent to let from Mortgage Express (No 2). I'm taking a fixed homeowner mortgage and plan to reside there but would like to understand my options for example - if a job elsewhere was attractive or for a year abroad Could you let me know generally how receptive Mortgage Express (No 2) are regarding consent to let?
- My twin and his partner currently lodge with me at my two bedroom maisonette. This Spring I would like to move out of the flat and in with my GF. Is it possible to get consent to let from Mortgage Express (No 2) after only having the mortgage for nine months?
- We have a fixed rate mortgage with Mortgage Express (No 2) for 2 years and have been living in the property for nearly one year. Due to work I need to vacate so I would like to lease the place out. How can I get consent to let from Mortgage Express (No 2)?
- If we request a consent to let letter by Mortgage Express (No 2) will we be required to convert to buy to let mortgage? We are with Mortgage Express (No 2) and as properties are not currently selling and we have seen one we like we were going to rent our home out in order to acquire the new and dispose of this one when the value improves.
- My Mortgage Express (No 2) mortgage fixed rate ends in January and have to relocate for work then. What are the chances that I will be able to both refinance and obtain consent to let?
- I have a leasehold flat. I would like remortgage with Mortgage Express (No 2) and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if it would trigger the penalty payment?
- My OH and I would like to obtain consent to let on a house where we have a mortgage with Mortgage Express (No 2). If issued, how long would consent be given for? In seeking consent to let from Mortgage Express (No 2) are we running the risk of them forcing us to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Mortgage Express (No 2) consent to let information
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
Should the tenure of your property be 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Mortgage Express (No 2)