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.
Frequently asked questions relating to Investec consent to lease
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Within the next few days I intend to apply to Investec for consent to let out my property in Investec. However I currently have the property for sale but there is no interest and paying a full mortgage, council tax and insurance on unoccupied house is exhausting my finances. How are Investec going to react if I have the house on the market?
- Having spent fifteen years in London, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to remortgage with Investec. In the relocation destination, we are be looking at a 3-bed property around the £250k mark. I would preferably like to retain my existing apartment. Could I ask for Consent to Let from the proposed new lender Investec. If granted what are the likely requirements?
- My wife and I are planning to utilise equity in my current house to acquire another property which I intend to live in whilst I do it up. My preference is to rent my existing property with the Investec mortgage. How likely is it that I will be issued with consent to let? House is worth £350 k with a £150k home loan in place.
- I have been renting out my flat to students for three years but not on a BTL mortgage as I naively considered that you only needed a BTL if you had more than one property. In trying to buy a further property, I discovered that I should have had consent to let all along from my lender Investec. I'm enquiring whether I can now ask Investec for a consent to let?
- My husband and I were curious as to whether it is possible if you own one property with consent to let from Investec, to purchase another with a homeowner mortgage to live in. Then once the consent runs out on the first property, to switch to buy to let or sell it?
- I would like consent to let on my Hackney apartment from Investec. I will be leaving the UK for 10-12 months and so want to know if I can let my flat
- At the moment I do not have consent to let by Investec but I would like to change to one, An opportunity has arisen which might involve me working away for two years. But want to keep my home for my return - can you assist?
- Please could you confirm what the process would be if we bought a second house and need to get consent to let for our existing mortgage with Investec
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 information
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
Failure 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 restrictions are not strictly observed you may be in breach of the lease. This could trigger 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.
If you do not keep up the payments on your mortgage with Investec your property may be repossessed