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Rent out property - consent to let
Ivrytwr3
Posts: 6,299 Forumite
As a FTB and having no clue about mortgages, i visited loads of banks etc on line for best offers. I chose the best deal for me and went with A & L. The mortgage was accepted and i got my key facts pdf file (a little thing that peed me off was i requested a call back, we through the process and the seller said "i'll call you back in 1/2 hour to see what you have decided" 1/2 hour to decide whether i want a mortgage?! Oh well!)
On this was a fee that was not discussed, the telegraphic transfer fee, i rang them back and the fee was discussed, and i accepted to pay. No problems.
Howver, when i was speaking with the mortgage specialist at the time of the app, i specifically stated that i was in the forces and there will come a time when i have to move, i would like to rent out the property when that time comes. As i only have 10 years left in the forces, i will require to rent out the property from min 5 years, max 10 years. I asked, is this a problem, do i have to pay anything?
The response was was "ring this number when you need to start the let and they will sort it out, it is easy to do and there will be nothing to pay. Forces personnel do it all the time". Great i thought.
I have since viewed a couple of threads here that state people here have been in the same situation and have had restrictions placed on them, ie a fee to pay, only able to rent for 5 years.
If i had known this prior i would not have taken the mortgage, as i don't want the hassle of forcing to sell when i could simply pay £150 per month rent and bank the rest ready for leaving.
What i am trying to say, is that i was thorough with my questioning on fees/charges etc as i need to know exactly what i would be paying. They neglected to tell me about 1 charge and have they neglected to tell me about another very important piece of info? Unfortunately i have nothing in writing, it was all done by telephone albeit they do say that all calls are recorded!
I know the simplest solution is to ring the bank and confirm, but i want to be ready with some info before i do.
On this was a fee that was not discussed, the telegraphic transfer fee, i rang them back and the fee was discussed, and i accepted to pay. No problems.
Howver, when i was speaking with the mortgage specialist at the time of the app, i specifically stated that i was in the forces and there will come a time when i have to move, i would like to rent out the property when that time comes. As i only have 10 years left in the forces, i will require to rent out the property from min 5 years, max 10 years. I asked, is this a problem, do i have to pay anything?
The response was was "ring this number when you need to start the let and they will sort it out, it is easy to do and there will be nothing to pay. Forces personnel do it all the time". Great i thought.
I have since viewed a couple of threads here that state people here have been in the same situation and have had restrictions placed on them, ie a fee to pay, only able to rent for 5 years.
If i had known this prior i would not have taken the mortgage, as i don't want the hassle of forcing to sell when i could simply pay £150 per month rent and bank the rest ready for leaving.
What i am trying to say, is that i was thorough with my questioning on fees/charges etc as i need to know exactly what i would be paying. They neglected to tell me about 1 charge and have they neglected to tell me about another very important piece of info? Unfortunately i have nothing in writing, it was all done by telephone albeit they do say that all calls are recorded!
I know the simplest solution is to ring the bank and confirm, but i want to be ready with some info before i do.
0
Comments
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They will definitely charge you a fee, but it's not that much in comparison to the hassle of selling up etc. I don't know about the maximum term you can let for - I don't recall that there is such a term, but you can only check.
If you are 100% certain that you were told it was free during the selling process, get them to pull the tape of the phone call now (before they've wiped it) and then I expect that they will waive the charge.0
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