Halifax - Consent to Lease Application

Dunkspl

I currently own a one bedroom flat with Halifax as my lender. Due to career progression in the insurance industry, and also my girlfriend getting a job there, I have realized my next step is to move to London.

I bought the flat in May 2013 for £82,000. However due to the fact that at that time I could only afford a mortgage of £63,000 I ended up paying a deposit of £19,000. The flat was originally repossessed so the price I purchased it for was actually a fair amount under its actual value. It is worth about £110,000.

I am not entirely sure about the best way to approach the consent to lease application and how likely they are to accept it. Do any of you know of a list of requirements they need in order for them to accept my request. I read somewhere that they require you to have 25% equity in the property which at the £110,000 value I do. But I'm not sure what else they need to know.

Also do any of you know what the likely charges/fees/increased interest rates would be with this request?

If there is anything else you need to know please ask.

Thanks in advance!

G_M

Best way to deal with thi is to ask them!

General rule is 25% equity and rent = 120% of mortgage.

Once you have CTL, these may help with the next step:

Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Topics covered:

* Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new protection (2015)

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

* Rent increases: when & how can rent be increased?

* Repossession: what if a LL's mortgage lender repossesses the property?

* New landlords: advice, information & links

* Letting agents: how should a landlord select or sack?

Dunkspl

The thing is I don't want to ask them without knowing enough about it. I don't want to weaken my chances at getting consent to lease just because I rang prematurely. I wanted to be prepared!