Consent to let refused

brit1234

carslet wrote: »

Looks to me as if he is bitter about the housing market / prices too. Although I do think house prices are too high in this country.

I bitter about a housing bubble created out of mass fraud, irresponsible lending. Meanwhile those who participated are constantley bailed out while those who done the right thing are punished. Pre 2008 huge amounts of borrowers were encouraged to lie about their salary on self cert mortgages whilst builders committed mass fraud with gift deposits. I am disgusted today that people still talk on public forums designed to help people about committing fraud.

Please tell me what is wrong about doing the decent thing and obeying the law?

Have a look at this youtube video about the UK.
http://www.youtube.com/watch?v=vT1UnGS91BY

carslet

brit1234 wrote: »

I bitter about a housing bubble created out of mass fraud, irresponsible lending. Meanwhile those who participated are constantley bailed out while those who done the right thing are punished. Pre 2008 huge amounts of borrowers were encouraged to lie about their salary on self cert mortgages whilst builders committed mass fraud with gift deposits. I am disgusted today that people still talk on public forums designed to help people about committing fraud.

Please tell me what is wrong about doing the decent thing and obeying the law?

Have a look at this youtube video about the UK.
http://www.youtube.com/watch?v=vT1UnGS91BY

You have got me totally wrong here Brit. I am in agreement that a housing bubble was created from giving people 100% or even 125% mortgages, I think house price are far too high, and high house prices make people lives a misery with no chance of buying, and high rents are making it worse.

but your thing where you obeying the law, when you buy a house by law with some mortgages you are not legally allowed to have a partner move in, without telling them, or take lodgers, how many people have been forced into this? many I think through no fault of their own. Hardly drug dealing or thieving, or mugging is it?

green-tea78

Many thanks for all of your replies.

With regards to the building insurance point, my flat is in a converted house and all of the other flats are rented out so I assume that we already have the correct policy. It is a block of flats policy but I am looking into this.

The freeholder has approved me being able to let out the flat.

I am considering going back to Tescos and asking again. Even if they only give me consent to let for a year, I'd still be better off.

If I do change to a BTL mortgage, can I offset the arrangement fee against my tax bill? Would I be able to offset the redemption fee for my current mortgage as well. I assume not but if anyone knows that would be helpful.

amnblog

GT

Consent to let is a sensible request to the lender as a short term arrangement. If you intend to be the owner occupier long term that fits in with the original intention of the funding.

Asking for consent to let permanently is effectively saying the property has become an investment and therefore the mortgage you have is not appropriate for the job.

If you let without your lenders consent they have the right to take any action they feel suitable including repossession.

Any costs incurred in letting the property can be offset against your rental income when you submit your tax return - speak to your/an accountant.

Lovelyjoolz

amnblog wrote: »

Consent to let is a sensible request to the lender as a short term arrangement. If you intend to be the owner occupier long term that fits in with the original intention of the funding.

Agree with this. Speak with Tesco again about getting consent to let just for the remainder of your fixed term. If they agree to a temporary CTL you can then look to switch to a BTL once you're out of the fixed term.

Make sure you are fully conversant with your rights and responsibilites as a LL. Look for G_M's post on this and have a good read.

If Tesco still say no however, can you and the BF move into your place and rent his out?

green-tea78

Thanks again everyone.

One further question - I presume that if I leave my flat empty then I am also breaching the terms of my mortgage contract. Has anyone every heard of any circumstances where lenders had wanted to redeem the mortgage for this reason?

I've worked out that there's no point financially in me changes to a buy to let mortgage at this stage. I will be worse off than if I leave it empty.

holly_hobby

You would need to check the terms of your block blds insurance (operated by the freeholder) re unoccupancy.

You will need to check your mge t&cs to see if leaving empty whilst mortgaged will form a breach (which is probable).

Re contents - std policy will be invalidated for unoccupancy. You will need to source a policy that covers for periods of extended unoccupancy (ie in excess of 30 days), of which there are plenty about if you have a google.

Hope this helps

Holly

gazter

ACG wrote: »

Where is he recommending it?!

He is saying he knows people who have done it. Ive rented out a property i owned without obtaining consent to let - it was before i was in the industry and genuinely didnt know i needed it.

I think its very unlikely you are going to get arrested for such an offence. They cant arrest the local drug dealers, thieves and hooligans in my area this would be right down the list of people to send to jail.

It is almost certainly not a criminal offence to not abide by the terms of a civil contract, ie the mortgage. If you went into the deal with an intention to deceive, then yes.

There is no one the bank can cry to if you decide whatever you want to do with your property. Their redress is to punish you via whatever means the terms and conditions allow.

PC plod however will have nothing to do with it.

Mr._Pricklepants

brit1234 wrote: »

:mad:
Sorry but this is shocking, your recommending criminal action to a poster. The penalties could be arrest for Fraud by failing to disclose information (Fraud Act 2006), black listed by mortgage companies, penalty fees, charged higher rates.

brit1234 wrote: »

I am disgusted today that people still talk on public forums designed to help people about committing fraud.

Pretty rich coming from someone committing electoral fraud. :rotfl:

brit1234 wrote: »

See I have every transaction registered to my parents house including all my bank accounts going back 2 decades despite living in various addresses in London. I am registered to vote there.

http://www.legislation.gov.uk/ukpga/2006/22/section/15

“(1)A person who for any purpose connected with the registration of electors provides to a registration officer any false information is guilty of an offence.”

carslet

Mr._Pricklepants wrote: »

Pretty rich coming from someone committing electoral fraud. :rotfl:



http://www.legislation.gov.uk/ukpga/2006/22/section/15

“(1)A person who for any purpose connected with the registration of electors provides to a registration officer any false information is guilty of an offence.”

well pointed out, what a complete idiot brit is.