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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.
Recently asked questions relating to Investec consent to lease
- Please explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It has been on with agents for two months and I can't find a buyer. This is because my neighbour is a drunk and assaulted me last year. I had no choice but to put this on the disclosure sheet. Mortgage is with Investec on a standard variable rate. It has been suggested to me that I should seek consent to let from Investec and lease the property for a year or two.
- In a situation where a landlord opts to lease out their property without consent to let via Investec - what, if any implication could there be for an agent acting for the landlord?
- I am expecting any day now a mortgage offer from Investec for a freehold house. I have applied through Right to Buy. It is a 20 year mortgage. I am curious as to what is the main criteria Investec adopt in order to grant customers consent to let? Is consent to let based on the rental yield of a property?
- How long after getting a new mortgage do I have to wait before I can seek consent to let from Investec? By way of background I purchased my property in Camden 2 years ago and am currently on a fixed term for 3 years. I subsequently met my partner and now we are looking at moving in to his place. I intend to get another fixed term next June. I assume that I would have to wait at least six months before I could request a consent to let. Is that right?
- Can you help me understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Investec? Are you able to assist?
- I am one year into a three year residential mortgage with Investec. Just curious whether it's ok to lease out the flat on my existing mortgage. Will Investec give consent to let?
- I want to apply for consent to let from my mortgage provider Investec to lease out my house. I was thinking of moving in with mypartner. Can you tell me whether Investec issue consent to let in this scenario?
- My husband and I am looking into the option of letting out my house with consent to let from Investec whist away travelling for a couple of months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
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
Should the tenure of your property be 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
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Investec