Consent to Let

corkyefes

Good Morning,

I am just looking for some advice please if anybody can help.

I own a property, which I currently live in.

I am planning to move to a different property but want to keep my existing one, therefore I have asked my mortgage company to give me consent to let, which they have agreed, so that's not a problem.

I am renting the property out to my PARENTS and need to know what I need to have in place BY LAW... (not just to cover MYSELF as I know my parents will not try to rip me off haha).

I understand that I will need a tenancy agreement (for the bank) which I can get a template from the internet, but what else will be required?

1. A different type of insurance? I already have house insurance.
2.
3.
4.
5.

Any help greatly appreciated.
Corkyefes

carslet

you will need landlaord insurance, there are a few good deals about,

sorry i can't help you more i am too thinking about a similar thing to you, going to ask for consent to let.

Can i ask you who is your mortgage with, and what reason you gave them to grant you consent to let.

hazyjo

Do the mortgage company know you're planning to let to family?

You'll need a yearly gas certificate.

If they're paying a deposit, it needs putting into one of three schemes.

Someone will be along with the LL info link in a mo, I'm sure...

Jx

junglejim2

need to know what I need to have in place BY LAW.

Gas safety cert if you have gas appliances.
Protected deposit, but your parents probably wont be paying a deposit.
You will need to fill in a tax return declaring the rental income.

Werdnal

Have you read the terms and conditions that consent to let was granted under. Many CTL deals prohibit letting to family - did you declare that the tenants would be your parents when you applied?

There is a newbie letting thread here:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

which covers all your LL obligations and legal regs - the majority still applies even when letting to family.

Do your parents intend to cover the rent themselves, or are they going to need to apply for benefits? Look up "contrived tenancy", as HB will be wary of you being your parents LL in these circumstances.