"The Landlords Friend"
|Consents Required To Rent Out A House or Flat|
|The consents required to rent out a house or flat will depend on what type of property it is and under what terms the ownership is held:
Always check your lease as even though you own the freehold to your property there may be a clause that forbids the renting out of the property. Many freeholds for example forbid the right to use the premises as a business.
Pay attention to details. Consult your lease and see if there is any clause that states that you need to have the agreement of the freeholder before you can rent out your property. Some freeholders will insist that they see the references and even meet the prospective tenants prior to the let being allowed to go ahead. Your lease may have clauses in it which will inflict obligations on the tenant. Noise levels etc so it is advisable to attach a copy of the head lease to your tenancy agreement and get the tenant to sign the agreement on the understanding that they have seen and read the said head lease.
You must seek the approval of your mortgage company to let out your property. Failure to do so can lead to you being in breach of contract. They will normally say yes as long as you pay a small fee for their “administration” work. It has been known for a mortgage company to raise the rate of interest on a loan because they see it as a commercial venture. When this occurred we argued on behalf of our landlord that he had to rent out the property as it was too small for his requirements and he did not need to sell it. Another good way around this is to say that you are moving jobs and will not be living in the area anymore but want to hang onto the property. Make sure you inform them of any renewals that you may negotiate – they will undoubtedly charge another fee – but at least you have told them.
You must obtain permission from both the providers of your contents insurance and your buildings insurance when you rent out your property. They may try and raise your premiums, but there are many providers out there who will provide you with an excellent deal – such as the one on our web site. All insurance policies should include third party cover. This is required in case the tenant injures himself in your property – if this is the case and you have the insurance in place then the insurer should pay, as long as you have sort consent from them.
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