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Consent to Lease turned down
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theartfullodger wrote: »Indeed:
Albeit it has been pointed out previously that this list of actions is rarely fully explored.....
...
My understanding is that if you rent out without the lender's permission the mortgagee (lender) could:
a. sue you;
b. demand damages/compensation;
c. repossess the property;
d. sell the property;
- or a combination of these.
(Source: Another excellent web-site...LandlordZone)
Cheers!
Lodger
Any evidence of this happening?I also think he may need to check the smallprint on his LL insurance, as its usually invalidated if he doesn't have permission to let from the mortgage charge holder
Insurance would be invalid if it was an owner occupier policy. Lenders also require their interest to be registered with the insurer. I've not seen any small rpint requiring consent to let.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Does anyone else find it hard to believe that the OP didn't know he had to apply for consent to lease from the mortgage provider yet knew to get landlord's insurance and inform the freeholder?
Does anyone else even care?
He came asking for advice, not a character analysis.What goes around - comes around0 -
or call in the loan? That would leave the LL needing to obtain funds elsewhere to pay the loan back, perhaps another lender.theartfullodger wrote: »My understanding is that if you rent out without the lender's permission the mortgagee (lender) could:
a. sue you;
b. demand damages/compensation;
c. repossess the property;
d. sell the property;
- or a combination of these.0 -
Insurance would be invalid if it was an owner occupier policy. Lenders also require their interest to be registered with the insurer. I've not seen any small rpint requiring consent to let.
Which insurance firm do you use for your buy to lets?RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
MissMoneypenny wrote: »Which insurance firm do you use for your buy to lets?
Buy-to-let, singular, I've only got one.
been advised to remove the name in case I'm identified
Anyway it is someone who specialises in the BTL market.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
See here for what landlords should look out for in their building insurance:
Removing the name.
Landlords should look for insurance that allows for tenants because they will then also be covered while the property is empty and for damage caused by tenants and for damage where the tenant hasn't notified of a problem.
Always check the terms and conditions as policies do vary.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Buy-to-let, singular, I've only got one.
been advised to remove the name in case I'm identified
Anyway it is someone who specialises in the BTL market.
I saw it, thanks. Don't worry, I won't use to identify you. RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0
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