Conset to let

mic200202

The 'consent to lease' is referred to in the within the terms and conditions of the mortgage itself.There are many other standard conditions in there as well, which I'm sure people don't realise.

It does not consitute fraud as some have intimated on here to breach this condition.There are mitigating circumstances here.As long as you have landlords cover and a solid tenancy agreement / good letting agent,you should be fine.Stick with private tenents and try to get references if possible.

When the 6 months are up its up to you to discuss with the lender.

Strings

Vincenzo wrote: »

It might be worth contacting them to say you have decided to go abroad and request that you can obtain consent earlier. They may consider it in these circumstances. After all if you played by their rules you would be financially worse off and therefore more likely to default on the mortgage payments.

I'm thinking that might be the way to go. Maybe just see what happens. If all else failed we could leave it vacant for 6 months, but just cant see the sense in doing that.

Vincenzo

Cannon_Fodder wrote: »

Don't get your Landlord insurance from Directline;

http://www.directlineforbusiness.co.uk/residentialproperty/landlord-insurance-articles/consent-to-let-faq.htm

"If your personal circumstances have changed and you've decided to rent out your home then it's essential that you obtain consent to let from certain organisations and individuals."

Who do you need to get permission from?

• Your mortgage provider.
• Your Landlord Insurance company.
• Your head lessee of freehold (if you have a leasehold premise).
• Your co-owner, if any.

I expect all insurance companies will tell you it is "essential" you obtain consent from your mortgage company but the reason Direct Line cite is:

A. If you don't tell your mortgage provider, you'll probably be in breach of the terms of your mortgage agreement. Theoretically, if the mortgage provider then discovered that you were renting out your home they could refuse to let the property and request that you pay their money back. You would then need to find another mortgage provider and take out a buy-to-let mortgage.

It does not mention anything about voiding the insurance. This may be elsewhere in the small print but I can't see why it would be?

betmunch

I wouldnt worry too much Dan: and New_home-owner will be along soon enough to tell you consent to let is all a load of rubbish that you dont need to deal with!

Strings

Vincenzo wrote: »

.

It does not mention anything about voiding the insurance. This may be elsewhere in the small print but I can't see why it would be?

I am sure they would find the small print as soon as we needed to make a claim

Vincenzo

Strings wrote: »

I am sure they would find the small print as soon as we needed to make a claim

Call them and ask. I very much doubt it, they are two entirely separate issues.

iamana1ias

Won't the bank want higher rates of interest on the mortgage to give the consent?

Vincenzo

Worth a read:

http://www.lovemoney.com/news/mortgages/rent-out-your-home-as-a-buytolet-3762.aspx

Strings

iamana1ias wrote: »

Won't the bank want higher rates of interest on the mortgage to give the consent?

Not always, it just depends on the lender. Woolwich are ok with it provided it is a temporary consent.

Strings

Vincenzo wrote: »

Worth a read:

http://www.lovemoney.com/news/mortgages/rent-out-your-home-as-a-buytolet-3762.aspx

I cant open it at work due to web blocks, but I think I have read the article.