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Need professional advice for your consent to let with LendInvest? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to LendInvest consent to lease
- I would like to let my existing residence as I wish to purchase a bigger house for the family. I have a two year fixed mortgage with LendInvest. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after a couple of years with an alternative lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- I have been foolish in failing to inform LendInvest that I’m renting my studio flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact LendInvest, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- Please explain "consent to let" to me? I live in a studio apartment and its in good condition. It is on the market and I have had very few viewings. This is because my neighbour is a drunk and assaulted me last year. I had no choice but to mention this on the disclosure form. Mortgage is with LendInvest on a standard variable rate. Someone mentioned I should get consent to let by LendInvest and rent the property to tenants.
- My OH and I are planning on buying a house, letting a couple of the rooms out in order to cover the mortgage with LendInvest, and then moving on in two or three years - at which point the property would be entirely rented. How likely is it that LendInvest would frown upon this as I will have been issued with a normal mortgage rather than a B2L or consent to let? I've heard that in extreme situations they can repossess the property, is this right?
- I'm thinking about letting my property on a residential mortgage with LendInvest what is the procedure for getting consent to let?
- I was just wondering if LendInvest were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- There is a chance of me going to NYC for twelve months with work. Planning on taking my partner with me and hoping to rent our Croydon property in the meantime on a temp basis to make things more cost effective. I was just enquiring I have filled in my application form but I'm unsure where to send it
- I am trying to find out if LendInvest will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above LendInvest 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
If your property is 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 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.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed