Property Solutions to Sell Your House Fast For Market Value
You can rent out your house without a buy to let mortgage but you need to tell your lender and get a consent to let the property. Whilst it’s not illegal if you don’t get consent to let you will be in breach of your mortgage terms and the lender could withdraw the loan so you have to repay in full.
The amount you keep when you sell your house is after deducting estate agent commission and conveyancing fees, what you owe on your mortgage plus a few other expense like the cost of an EPC.
At the end of an interest only buy to let mortgage you’ll need to find a way to repay the amount borrowed, as you’ll still owe the same amount as you borrowed at the outset of the mortgage. This is unless you’ve paid off some of the capital by paying amounts in addition to the interest only amount.
In the unlikely event that the house valuation is more than purchase price, count yourself lucky as most valuers will give the purchase price as its value even if the value is higher. This is unless the accepted offer is very much a below market value offer.
Whilst uncommon, a mortgage can be declined after exchange of contracts, which may prove to be quite costly if it means you fail to complete the purchase on time. This is because you are legally obliged to complete, and if you don’t you may lose your deposit and be liable to damages too.
It’s normally written into the sales contract that the buyer is responsible for repairs to the property after exchange of contracts. If any damage is incurred the seller must inform the buyer when it happens and as long as the buyer has insurance cover in place, they’ll be able to claim on their policy.
