Being caught for not asking for Consent To Let

gazter

csgohan4 wrote: »

OP is this a joke?


I can't wait for you to post on here for being investigated for fraud by HMRC and Lenders

HMRC couldnt give a flying f*** if you have a consent to let, a brothel or anything else. Their concern is you pay any tax due on your income.

In terms of mortgages, it would be only fraud if deception was the intent, and that would be unlikely in a consent to let. This is very different than getting a residential mortgage intending to buy to let.

There is no crime, merely breaking the terms and conditions of the mortgage, and the potential consequences that come from that.

Fean0r

Silvercar - I agree.

somethingcorporate - If you think that something like this renders someone untrustworthy in other matters where there is a genuine moral* issue at stake then I suggest there's very few people you can trust at all. In the past when I've let my property while overseas, with CTL, I paid for them to use a laundrette when the washing machine failed and the repair company took too long to get it fixed, despite me arranging a repair the same day I was told about the failure and spending at least half a day of my time repeatedly chasing the company because my letting agency had dropped the ball. How many landlords would do that? I've been known to go above and beyond in all sorts of other ways. (I really shouldn't feel the need to justify myself but there you go.)

*I define morality by, and (try to) make moral decisions according to, the impact on the well being of conscious creatures. This is a case where the only person who would suffer would be me (as said I very much doubt the third party insurance on the house would be invalidated). In my view it is therefore less a question of morality, more a question of risk-benefit analysis.

Fean0r

Thank you, Gazter. Finally some sense in this sea of holier than thou moralising and paranoia .

csgohan4

Fean0r wrote: »

Thank you, Gazter. Finally some sense in this sea of holier than thou moralising and paranoia .

If you think the benefits outweigh the risk, do what you want, but usually people on here won't tell you to commit fraud or do things beyond what it recommended within the law or as per Lenders Agreement.


Did you expect everyone here to agree with you and therefore are you seeking approval

Fean0r

csgohan4 wrote: »

If you think the benefits outweigh the risk, do what you want, but usually people on here won't tell you to commit fraud or do things beyond what it recommended within the law or as per Lenders Agreement.

Fair enough - and I didn't expect anything else, hence the wording of my question. Not "should I do it" but "what's the risk".

csgohan4 wrote: »

Did you expect everyone here to agree with you and therefore are you seeking approval

No; my question was quite specific, so I'm not sure what gives you that impression.

So far, I think this two page long thread can be summarised thus: we don't really know.

csgohan4

Just curious with CTL, is there usually a time limit beyond which lenders will not usually re issue a CTL. I.e 1 year CTL and then refuse for further CTL thereafter?

booksurr

csgohan4 wrote: »

Just curious with CTL, is there usually a time limit beyond which lenders will not usually re issue a CTL. I.e 1 year CTL and then refuse for further CTL thereafter?

it depends on the lender

the majority of CTL are time limited and are one offs otherwise they would not be time limited

however a few are not, read other posts on the forum to see examples

AnotherJoe

Why are some people saying your insurance would be invalid ? You can buy landlords insurance without having a BTL mortgage.
Similarly, it's nothing to do with HMRC if you have permission to let from the mortgage co, they are solely concerned about if you pay what taxes are due. Which incidentally would be lower on a BTL as the interest rate would be higher so they have an incentive not to care anyway

scoops82

I currently have CTL - It was granted for 3 years but at a hefty price of 0.05% of the outstanding balance every 6 months.


However, the Mortgage Provider has so far only charged me this fee twice - the first and second fee was charged but the charge in summer never appeared on my account and im waiting to see if I get charged this time or not.


In my opinion, they granted the CTL and confirmed it in writing so that fact they have not charged me is there error and I have no intention of reporting it to them.


I'm trying to use this time to bring down the LTV to enable me to qualify for a BTL mortgage but as they have not charged the fee im not sure they will realise when the CTL ends so im not sure what to do next either.

franklee

Fean0r wrote: »

Google "Consent to let" and look at the second result, from Property118 (MSE won't let me post links).

Not sure which property118 article you mean. I found the one below and the comments on page 6 by Tony Church provide another example of the repercussions of being caught without CTL:

http://www.property118.com/letting-my-house-without-telling-the-mortgage-company/37427/comment-page-6/#comments

And there's this thread which shows the insurance changing to a LL's policy is another way the lender could get wind:

https://forums.moneysavingexpert.com/discussion/1111529