How long do you have to wait to ask permission to let your home

mranderson

Hi everyone,

we are just about to buy our home on a residential mortgage. we would like very much to seek permission to let our home from the mortgage provider and move to a different area.
I know a lot of companies give permission to let, but i wonder if there is a certain time period before it looks like it was my initial intention. i am happy to stay in the property for a few months if needed but shorter the better.?
Also are there any recommended reasons or changes in circumstances to use as to why you no longer want to live there.

Also another option is to let my daughter live in the property and effectively rent from us. Would this be seen the same as letting or does family mean i do not have to seek official permisssion??

many thanks for your time

mr anderson

kingstreet

It would certainly look like you were planning this from the outset if you complete tomorrow and ask for consent to let on Monday.

Some lender will not grant you consent as a matter of policy. Others like to switch you to a different product or charge higher rates.

Why didn't you use a rental product? It would have made your life a lot easier.

mranderson

well, the main reason i never went for a buy to let, was that we are buying through right to buy. we looked into buy to let through right to buy but it was shall we say frowned upon.
we then decided to stay in the property for a while and then move, but always hoped that the daughter would stay.
just wanted to know if i waited like three months would this look better and be honered?. my mortgage lender does give permission as a rule.

mranderson

plus if it was my daughter would i have to tell them at all?

regards

Werdnal

If you have taken a residential mortgage, the terms would assume YOU are living at the property, so if you are not, then lender would need to know.
Some will let you let if you pay an additional fee, whilst other prevent it altogether. If you don't tell them and they later find out, you could find the mortgage withdrawn and face re-possession.

Right to buy is intended to allow people a preferential rate to buy their property to live in, not let!

Your house insurance would also be invalid.

kingstreet

If the property is no longer owner-occupied, you should seek consent to let and inform your buildings insurer, who may terminate your cover or increase your premiums.

The tenant being your daughter makes no real difference.

What do the terms of the purchase say? Did the council have anything inserted in the contract about owner-occupation during the pre-emption period?

poppysarah

mranderson wrote: »

well, the main reason i never went for a buy to let, was that we are buying through right to buy. we looked into buy to let through right to buy but it was shall we say frowned upon.

Erm too right.

You should have asked earlier and been told NO.

mranderson

Thanks. well, i see your point but i beg to differ. right to buy is to help people get on the property ladder. That is what we wish to do. we would not be buying another home. but would like to live somewhere else and rent.
i am happy to let my lender know " reference inital post, (how long)?"
I would of course get insurance suitable for the current situation. Just for the record the council have no problem with us renting. it is deemed as our home with just a tie on the discount period.

regards

poppysarah

mranderson wrote: »

Thanks. well, i see your point but i beg to differ. right to buy is to help people get on the property ladder. That is what we wish to do. we would not be buying another home. but would like to live somewhere else and rent.
i am happy to let my lender know " reference inital post, (how long)?"
I would of course get insurance suitable for the current situation. Just for the record the council have no problem with us renting. it is deemed as our home with just a tie on the discount period.

regards

Right to buy is to enable people to buy the council property they live in as a home.

Not a profit making machine etc.

Werdnal

Its not just a case of letting your lender know - you have to ask their permission and wait for their agreement. Its not a time limit thing - they either say yes and saddle you with extra clauses and probably higher payments, or more usually - they say NO!

There was a post here only this week from another member who is buying a property with a sitting tenant, hoping to evict that tenant quickly to live in the property themselves. That member was also unaware that Residential terms do not allow you to let, and on asking, his mortgage has been withdrawn.

I also maintain that RTB is for YOU to get on the property ladder and use the property as YOUR home - not as a letting opportunity.

mranderson

poppy sarah.
I apprecaite your comments. i am not looking to make money. i am looking into securing our home so that we own it. the reasons we do not wish to walk away and not take up our right to buyare .
1. we would be mad to do so. (common sense)
2. this property has been our own for 20 years and we have personally spent more money doing the property up then we get in discount. it seems criminal not to secure our home for life, and cover costs with letting at most...

is this so wrong?? i doubt i am the first to buy their right to buy home.