Need Help?
Need professional advice for your consent to let with Intelligent Finance? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Intelligent Finance consent to lease
-
A friend of mine suggested that this summer I rent out my home and generate some income whilst on holiday. It will only likely be for a fortnight. Do I need consent to let from Intelligent Finance?
- I have a consent to let from my existing mortgage provider which is about to expire. I have since been traveling and had my first child. My part time salary is not sufficient just now to pay the mortgage by myself. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to Intelligent Finance. Are they likely to grant consent to let from the outset?
- Under what circumstances will consent to let for a property be given by Intelligent Finance? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Intelligent Finance? In order to give you some perspective:Our home is a very small mid terrace house which is too small for us, my wife is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I would be interested in being given consent to let initially in order to put a tenant in it to cover the costs of the Intelligent Finance mortgage.
- I'm nine months into a two year fixed mortgage with Intelligent Finance. The LTV is only 40%. I've got what I think is a really good deal on a three bed flat in Camden which I would not want to miss. It seems the only way I can get this other property is to release most of the remaining equity. I'm thinking of letting the existing home which would more than cover the homeloan with Intelligent Finance. Is it possible to obtain consent to let from Intelligent Finance and ask for additional borrowing after it's rented?
- What is the longest period that Intelligent Finance is willing to grant me the Consent To Let for?
- We have already been told to write a letter to Intelligent Finance to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- What, if any, income requirements do Intelligent Finance set for consent to let on an existing standard mortgage?
- Do you know if there is normally a required LTV before Intelligent Finance will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Intelligent Finance consent to let information
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance