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Consent to lease confusion!
susuenglish
Posts: 2 Newbie
Hello everyone - hope someone can answer my question as my head is about to explode with it all!
The scenario is as follows......
My husband and I have a joint mortgage on a house. We no longer live in the house due to relocating up north for work. We now live in my husbands batchelor house which is in his name only. We tried to sell the joint house but could we have picked a worse time?? So as we couldn't sell it for what we wanted we went down the rental route. We found someone who was interested and so went to get our joint halifax mortgage changed to a buy to let. I was astounded when I was told it would cost £11k + £1k admin fee to switch the mortgage over. (We are 1 year in to a 5 year fixed rate)
I have since learned that if I was to change the mortgage to my name only and get a consent to lease form, then I am allowed to rent it out. Does anyone have any experience of this? Can I go back to the same halifax advisor and tell him what I want to do or is it wrong to do that when I have already made the enquiry about the buy to let? (He printed the forms out but we haven't signed them so surely it will be on the system what we are wanting to do?) Does anyone know how much it costs to get a consent to lease form and can they refuse it?
Hope that all makes sense! I'm confused!
Thanks in advance
x
The scenario is as follows......
My husband and I have a joint mortgage on a house. We no longer live in the house due to relocating up north for work. We now live in my husbands batchelor house which is in his name only. We tried to sell the joint house but could we have picked a worse time?? So as we couldn't sell it for what we wanted we went down the rental route. We found someone who was interested and so went to get our joint halifax mortgage changed to a buy to let. I was astounded when I was told it would cost £11k + £1k admin fee to switch the mortgage over. (We are 1 year in to a 5 year fixed rate)
I have since learned that if I was to change the mortgage to my name only and get a consent to lease form, then I am allowed to rent it out. Does anyone have any experience of this? Can I go back to the same halifax advisor and tell him what I want to do or is it wrong to do that when I have already made the enquiry about the buy to let? (He printed the forms out but we haven't signed them so surely it will be on the system what we are wanting to do?) Does anyone know how much it costs to get a consent to lease form and can they refuse it?
Hope that all makes sense! I'm confused!
Thanks in advance
x
0
Comments
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You don't have to change to a buy to let mortgage, you just need to get consent to lease from your current mortgage provider. The cost for this is normally nominal, not more than a few hundred pounds. It can be refused, but if you are up to date with payments and the rental income will cover the cost of the mortgage it is unlikely they will say no.
There's no reason why the mortgage should be changed to your name only; indeed, the only way this can happen is if you take out a new mortgage in your name, buying out his half, which means you would incur the 11k early repayment charge anyway.poppy100
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