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.
Sample questions relating to Investec consent to let
- Two years ago my wife and I purchased our council flat, in London,recently valued at £200k. It's completely paid for from our own finances, unencumbered. We can't sell (without repaying back a significant amount of the discount) before 5 years have gone by. Regardless, we would like to keep it as a investment property to let out. We are considering taking out a mortgage with Investec. Will consent to let be given?
- What information do Investec require to have to make a decision on consent to let. I have a 2 year fix with them. I have always been on time with my monthly payments. I am looking at moving to the countryside due to surprising growth of family. My financial situation has not changed and in fact my annual income has increased by 15% since I took the mortgage out.
- I sought consent but was turned down as I did a remortgage in May but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. On the other hand I can remortgage with Investec but will they give me consent straight away?
- Meeting with my financial adviser on next week. I am going to apply for Consent to Let from my current lender Investec. My new property in Greenwich will be 90% loan to value. I have been told by a friend that some lenders dont want consent to let borrowers and I may encounter difficulties regarding my new mortgage. Am I likely to encounter this problem?
- I have a mortgage with Investec at present and just enquiring about the processes of getting a 'consent to let'
- I am already letting out my flat but may have been sussed out. I have five months left on my fixed rate. Is it simple to get consent to let from Investec. Is it just a five minute phone call, pay the fee and that's it?
- What, if any, income criteria do Investec set for consent to let on an existing homeowner mortgage?
- I was wondering if you could help. I require consent to let from Investec and would like to know if this option would be possible for me to move to as I need to move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Investec consent to let Info
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Investec your property may be repossessed