Question about selling with consent to let

silicon30

Hi all,

First post. After a bit of advice.

Currently have a residential mortgage with consent to let on the property. If I were to sell in say a years time and the consent to let was still in place is it as simple as giving tenants notice and then putting the house up for sale?

Thanks,

davidmcn

The fact you have "consent to let" from your lender isn't relevant to this. You have a tenant. Yes, you'd need to give them notice, and in practice it's going to be easier if you wait until they've actually gone before you market the property (buyers tend to be sceptical about how quickly tenants are going to leave).

silicon30

thanks. so as long as tenants have been given notice and have left the property, its mine to market and sell as usual.

Thanks

G_M

Consent To Let is irrelevant. Your mortgage is irrelevant.

What matters is that you wish to sell a property which currently has tenants.

What kind of tenancy is it? If it is a 3 year fixed term, you'll have to sell to a landlord willing to take over the remainder of the tenancy.

If not, you give notice to end the tenancy in the normal way, and then sell.


* 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?

G_M

silicon30 wrote: »

thanks. so as long as tenants have been given notice and have left the property, its mine to market and sell as usual.

Thanks

No. It's yours to market and sell whether the tenants have been given notice ot not.


It's just harder to sell any property with tenants.

silicon30

thanks.

Another question if I may - if I am on a consent to let residential mortgage can I still offset my mortgage interest (according to the new reducing amounts) with HRMC? or does it have to be a specific BTL mortgage to be able to offset mortgage interest?

G_M

The type of mortgage does not affect HMRC tax rules.