Need Help?
Need professional advice for your consent to let with Investec Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Investec Consent to Lease Example Support Desk Enquires
- I have a garden flat in Waltham Forest let out which has a fifty year lease. Mortgage broker suggested I should remortgage (currently with Investec) as a buy to let rather than consent to let and release 55-60k which on top of a new homeloan based on income multiples would give me a budget of £200k. Not much about in Lambeth for me to get my own place. A lease extension will be approximately 13k. Lease out with consent to let or sell the flat?
- As things stand we have a five year fixed rate mortgage with Investec that we're about a year into. Our circumstances have now changed and we wish to rent out our flat for a year and move to another town. What can we do to mitigate the risk of Investec rejecting consent to let.
- Am I required to notify Investec of my plan to rent my property out as a holiday let for twelve weeks. Can you shed any light on this? I am seeking independent advice on the insurance, legal and tax side of things .
- My property has had a mortgage against it with Investec for the last ten years. Fast forward and I have got married and moved into my husband’s home. My property is currently vacant and we either need to sell or let it out. Chances are that this will not be a short term agreement as the probability of moving back is low. What should I tell Investec with a view to obtaining consent to let?
- Will Investec choose to operate a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Is it possible to refinance on a consent to let with Investec?
- I am planning on relocating within the next nine months and wish to rent my house out. My mortgage rate is fixed with Investec. I am concerned that a 1% increase would be too much if that was linked to obtaining consent to let
- I was wondering if you can help. I require consent to let from Investec and would like to know if this option is available to me to switch to as I have to move back home to look after my father
- Not sure if you can help What do we need to do to obtain consent to let from Investec? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Investec consent to let information
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
Where 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 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 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 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 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 Investec