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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.
Top Five Questions relating to Intelligent Finance consent to lease
- I have been stupid in failing to notify Intelligent Finance that I’m renting my property out. I would like to do things properly and request consent to let. If Intelligent Finance says yes, is there any way of them discovering that I’ve already been renting it without consent?
- My fixed rate runs out May next year and I wish to fix for a further 4 years with Intelligent Finance, with any luck rates will remain low. In in next couple of years I may want to move temporarily to a different county. How simple is it to get consent to let by Intelligent Finance in this situation? Assuming that monthly rent payments would be about £300 above the Intelligent Finance mortgage payments.
- I own a home that's presently under shared ownership (My share is 60%) and I bought it in Aug 2013. I plan to go through the full purchase of the house. Me and my wife also have in mind a further house that we are hoping to purchase. Mortgage in principle has been approved by Intelligent Finance. I want to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new home
- I plan to rent our existing flat out early next year when we find a new house. I will apply for consent to let from Intelligent Finance. The property is currently in my name but I am a top rate tax payer. Is it best to do a Transfer of Equity to her or should we do a Declaration of Trust?
- I want to let out the attic in my apartment in Haringey. Do I need consent to let from my lender Intelligent Finance?
- My wife and I have a fixed rate mortgage with Intelligent Finance and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying We would be interested to know the repercussions if any of making the change and any facts that we need to consider.
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a 6 month thing before consent to let - does this apply to all lenders. Is there any way Intelligent Finance would allow it from day one?
- About to remortgage my flat but I will potentially moving out in the next year and would be looking to rent it out. How quickly can you get consent to let from Intelligent Finance?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Intelligent Finance consent to let Questions and Answers
Tax and Legal
There are numerous potential 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming invalid. 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
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Intelligent Finance your property may be repossessed