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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.
Frequently asked questions relating to Intelligent Finance consent to lease
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I have a residential mortgage over my property in loc and am due to relocate to country for three years. During this time frame I want to lease out my flat. My lender will not provide me with consent to let. I am not inclined to transfer to a buy to let loan as it’s only for a limited time-frame that I am abroad for.
- My fiance and I have a domestic mortgage with Intelligent Finance. I have been offered a property as part of my job and would like to rent out my existing property. My mortgage broker seems confident that it is a simple process. Can you give me some information please?
- I have just received a mortgage offer with Intelligent Finance. I am hoping to complete in the next few weeks, however it looks as though I may be posted abroad for work. Would it be possible for me to receive consent to let from Intelligent Finance within a few months of completing. Are there any other options open to me?
- I have a homeowner mortgage coming up for renewal with Intelligent Finance. I have had the house let out for two years and I think I should have disclosed this to Intelligent Finance. I am led to believe that I can seek consent to lease, but given that the property has previously been let out could they refuse - insist I go onto a BTL rate and issue a penalty? I have over 25% equity in the house - and the rent will more than cover the monthly loan payments.
- I’m about to finish the fixed rate period of my 2 year fix with Intelligent Finance and change on to the current variable rate. I would like to know if consent to let from Intelligent Finance is a foregone conclusion, if there are cost, and if there conditions?
- My brother and I have a mortgage with Intelligent Finance on our garden flat in Merton. We are hoping to buy a new house to move into. How do I move our existing mortgage on to consent to let?
- Not sure if you can help What do I need to do to get consent to let from Intelligent Finance? And how much equity is needed?
- About to remortgage my house but I will potentially moving out in the near future and would be looking to let it out. Do you think I can get buy to let or 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 further to the above Intelligent Finance consent to let Questions and Answers
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
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 notify them could 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance