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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.
Intelligent Finance consent to let: Q and A’s
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I have a normal mortgage over my residence in loc and intend to move to country for three years. During this period it would be ideal if I could let out my house. My mortgage provider is withholding consent to let. I don’t really want a buy to let loan as it’s only a short term option that I am going away for.
- For a variety of reasons I intend moving in with my girlfriend this month and I have let my property out to two students on a twelve month tenancy. I am now applying for consent to let from Intelligent Finance but what if they refuse. I can’t renege on my contract in terms of backing out of renting the students as the paperwork is finalised. On the flip-side Intelligent Finance could take me to court for breach of contract i.e. renting it out in the absence of consent to let.
- I remortgaged with Intelligent Finance recently, borrowing extra with the intention of doing a loft conversion. That plan has proved not to be possible and I now intend to purchase a further property as my main home and rent the existing property out with consent to let. Is that likely to land me in hot water?
- How long does it take to receive consent to let via Intelligent Finance and is there a minimum period of time I should have lived in the property?
- My husband and I have a Intelligent Finance home loan currently and potentially want to let it out for a limited period of time with consent from Intelligent Finance for (eighteen months). Just wanted to know is it something that is obtainable relatively quickly?
- Will Intelligent Finance want to know my reasons for seeking consent to let? Is it wise to disclose my possible move abroad?
- I am potentially moving in with my partner but do not want to to sell my flat. What is the process for getting consent to let from Intelligent Finance, and what are the chances that this will be granted?
- My partner and I took out a mortgage with Intelligent Finance a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to let our apartment out. Would this be possible with a homeowner mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Intelligent Finance consent to let Advice
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is leasehold, the provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance