Permission refused to rent - buy to let/remortgage i

franklee

silvercar wrote: »

So if CTL is granted for 1 year and lets assume a tenant is already lined up. So should the landlord grant a tenancy for:

a) 1 year as that when the CTL expires. But the tenant may not leave at the end of the fixed term
b) 10 months, so the tenant has notice to leave with 2 months CTL remaining so the landlord has some leeway
c) 6 months, just in case a tenant is very difficult in moving and the landlord needs to go to court to evict and then back to court to appoint bailiffs and then wait for bailiffs to forcefully evict?

d) Realise CTL is a short term measure and use the initial year to save a bigger deposit in order to meet typical BTL criteria?

or how about

e) Check with the lender what's acceptable to them? Say propose to them telling the tenant upfront that it's only a short let of just one year to maximise the chances of the tenant vacating after a year. Serving the S21 asap making clear it will be actioned right away and isn't a Sword of Damocles type S21. Giving a tenancy for 12 months being ready to action the S21 if the tenant doesn't leave. If that isn't acceptable to the lender then why not ask the lender what is before getting a tenant? Surely these are things to delve into when the lender offers CTL which as we know is done case by case. You certainly need an exit strategy before you start ...

silvercar

Serving the S21 asap making clear it will be actioned right away and isn't a Sword of Damocles type S21

Unless the lender extends the CTL, in which case you may extend the tenancy.

So you may be saying to the tenant, "I would if I could, but I won't know if I can. Even then I may not kniw if i will be able to, in which case I could keep you waiting and not be able to tell you what's going on because I won't know myself."

Has there ever been a court case where the tenancy predates the consent to let withdrawal?

franklee

I think you are making this too complicated. But even so that's a lot better all round than moving in a tenant who really wants a long let and so won't be happy to leave.

I would assume that if the lender consented to the tenancy then they consented to the tenancy. If it overruns their 12 months inspite of the landlord doing his bit then on what grounds would the lender be able to withdraw consent for that particular tenancy seeing that they know you can't wave a magic wand to end a tenancy. However it seems wrong to me to move a tenant in at month ten without securing an extension to the CTL which raises the question did the OP's lender consent to that particular tenancy? This speculation wouldn't be necessary if the relevant landlord asks their lender first. Perhaps if the OP or any reader has they could enlighten us.

JennyM80_2

Hi

I have now spoken with my mortgage company, discussed my overall financial situation and they have agreed I can continue to let the property although it does not meet their initial criteria having considered it on a case by case basis.

Regarding the increase of 1% in my mortgage repayments this is actually still a competitive rate compared to other buy to let products out there so whilst ideally I would like it to be cheaper I don't feel this is a poor solution.

Thanks to those who have issued supportive and helpful responses and shared their knowledge.

To those who have just said - its your fault tough, I don't really see the value in you responding. Saying - well its too late you should have thought of this earlier isn't really a helpful response to someone asking a question for advise on a forum.

19lottie82

JennyM80 wrote: »

To those who have just said - its your fault tough, I don't really see the value in you responding. Saying - well its too late you should have thought of this earlier isn't really a helpful response to someone asking a question for advise on a forum.

Sadly, you get a lot of people like this on here, though in general the forum can provide a lot of invaluable advice. Glad you got things sorted OP.

franklee

JennyM80 wrote: »

I have now spoken with my mortgage company, discussed my overall financial situation and they have agreed I can continue to let the property although it does not meet their initial criteria having considered it on a case by case basis.

Regarding the increase of 1% in my mortgage repayments this is actually still a competitive rate compared to other buy to let products out there so whilst ideally I would like it to be cheaper I don't feel this is a poor solution.

Is that indefinite consent or just for another year? If it's for another year then did you ask them what happens if the fixed term of a tenancy you give in future overruns the end of that year? I guess from this comment below you didn't ...

JennyM80 wrote: »

Thanks to those who have issued supportive and helpful responses and shared their knowledge.

To those who have just said - its your fault tough, I don't really see the value in you responding. Saying - well its too late you should have thought of this earlier isn't really a helpful response to someone asking a question for advise on a forum.

It is helpful as you can ask now to save being in this position next time.

BitterAndTwisted

JennyM80 wrote: »

Thanks to those who have issued supportive and helpful responses and shared their knowledge.

To those who have just said - its your fault tough, I don't really see the value in you responding. Saying - well its too late you should have thought of this earlier isn't really a helpful response to someone asking a question for advise on a forum.

You might not see "the value" in those responses which haven't appeared to be particularly sympathetic but other people viewing this thread might. Other people who are considering going down the route you have taken, presumably without thinking through all of the possible consequences. If you wanted only "There, there" responses you've probably picked the wrong forum.

n.b. There is no such thing as a "property ladder". It has proven to be a nasty and aggressive snake for many the last few years. Maybe you, too long-term, who knows? Once you've reported the rental-income in your tax-return and paid tax on the profit this could be a long-term loss-maker for you. Life sucks sometimes dunnit

madeupname1

JennyM80 wrote: »

Hi

I have now spoken with my mortgage company, discussed my overall financial situation and they have agreed I can continue to let the property although it does not meet their initial criteria having considered it on a case by case basis.

Regarding the increase of 1% in my mortgage repayments this is actually still a competitive rate compared to other buy to let products out there so whilst ideally I would like it to be cheaper I don't feel this is a poor solution.

Thanks to those who have issued supportive and helpful responses and shared their knowledge.

To those who have just said - its your fault tough, I don't really see the value in you responding. Saying - well its too late you should have thought of this earlier isn't really a helpful response to someone asking a question for advise on a forum.

Glad you got your consent to let. :T Looks like your lender saw sense based on your individual circumstances. Unfortunately alot of people on this website are anti buy-to-let landlords hence the reason you got a lot of the responses you got. Try not to take it to heart.