Thursday 15 September 2016

Penicuik landlords remember your “Consents to Let”!


For many Penicuik homeowners, letting provides an obvious investment opportunity as an alternative to selling. With the right expert help from your letting agent, the matter should be quite straightforward, although there are certain consents that should be obtained if you are to avoid some potentially costly problems. 

As with far to many things in life, the devil is in the detail so make sure that you take into account the small print. 


You will certainly need the consent of your mortgage provider. They are unlikely to object, but you could be in breach of your mortgage terms if you have not obtained their consent before letting your property. They may also charge an “administration” fee. One important thing to check is that there is no clause that increases the interest rate on your loan should the property be used as a “commercial venture”.

Your title deeds are something else you should check to see whether they impose any restrictive covenants of which the tenant should be aware. For example, there may be a restriction preventing anyone keeping a caravan on the forecourt, or storing building materials for more than a few days.

Importantly, once consent has been obtained, you must ensure that your tenant is aware of, and complies with, any obligations that you yourself would observe as owner in residence.

Finally, insurance. You should obtain permission from both your buildings and contents insurer. There is likely to be a change in cover as the property is being let out and this may increase your premiums, although there are insurers who specialise in this. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property and I would do further and recommend you get malicious damage and loss of rent cover.

Please let us know if you would like advise what consents are required in your specific case to ensure your peace of mind for a successful let.    



A few more interesting articles about the Penicuik property market:

1 comment:

  1. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of S$250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of S$250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.

    BORROWERS APPLICATION DETAILS


    1. Name Of Applicant in Full:……..
    2. Telephone Numbers:……….
    3. Address and Location:…….
    4. Amount in request………..
    5. Repayment Period:………..
    6. Purpose Of Loan………….
    7. country…………………
    8. phone…………………..
    9. occupation………………
    10.age/sex…………………
    11.Monthly Income…………..
    12.Email……………..

    Regards.
    Managements
    Email Kindly Contact: urgentloan22@gmail.com

    ReplyDelete