Thinking of Letting Your Flat/Property?
When you purchased your flat your legal adviser would have informed you that the provisions of your lease can affect the way in which you use and enjoy it. Where you are proposing to let your flat we recommend strongly that you satisfy yourself on the following before you do so:
Check that your lease allows you to let your flat. Provisions in leases vary and you must consult your legal adviser when you are in doubt.
Check that the terms of your mortgage (if you have one) allow you to let your flat. These can vary and you should check with your lender where you are in doubt.
Check whether or not the terms of your lease permit the freeholder to ask you for the increase in the cost of providing buildings insurance cover where the letting affects such cost. Again, your legal adviser will be able to assist.
Your lease and/or the terms of your mortgage conditions may only permit you to let your flat on particular terms e.g. only on an assured shorthold tenancy. Again your legal adviser and/or your lender, as appropriate, will be able to advise. Even if your lease permits you to let your flat, it may still require you to notify the freeholder and/or your management company of the basic terms of the letting or of the fact of letting. Where there is such a requirement, a fee is usually payable. Provisions in leases vary and you should consult your legal adviser where you are in doubt.
WARNING your home may be at risk where you do not comply strictly with the provisions of your lease and so it is important to be aware of those provisions where you are thinking of letting your flat.
Once you have satisfied yourself that you may let your flat, please note:
Where your management company arranges buildings insurance, it will need to be aware of the letting so that it can ensure that cover is in place at all times. Lettings to "DSS/local authority" placement students and bedsiters can affect buildings insurance cover. Therefore at the time that you let your flat would you please complete the details on this form and return it to Amber Management at 201 Mill Studio, Crane Mead, Ware, Hertfordshire, SG12 9PY so that we can advise the insurers of the letting on your management company's behalf.
As you will no longer be residing at the flat, please ensure that you advise us of your forwarding address and contact telephone numbers so that you can be contacted in the case of emergencies.
Finally, much of the above also applies to those renting out Freeehold properties such as private houses. If you do rent please notify us and do not forget to include any new forwarding address.