Need Help?
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.
Examples of recent questions relating to LendInvest consent to let
-
Within the next few days I intend to contact LendInvest to obtain consent to let out my house in LendInvest. However the property has been on with agents for 4 weeks but there are no takers and paying a full mortgage, council tax and insurance on an empty house is hurting financially. What position would LendInvest take if I market the property?
- I purchased a flat a year ago with a LendInvest mortgage but want to sublet the property. I want to move into a house as our kids are growing up and a single bed residence is not sufficient - plus if I rent it out I can build up some savings. Will LendInvest issue consent to let?
- I have a flat in Croydon with a LendInvest mortgage but have not lived there for a while. My dad moved in but is there rent free. I currently live in rented accommodation and am looking to buy a house. I have found an ideal property at an attractive price. I have sufficient for a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to switch it to a buy to let loan simultaneously. Can I transfer the current LendInvest mortgage for my old flat into a consent to let and use my savings to pay a larger deposit for the residential mortgage on the property that I am looking to purchase?
- My wife and I intend to let our 2 bed flat out. We have put an offer on another property for us to purchase and a tenant at the ready to move into ours. I assume I have to ask our lender LendInvest for consent to let. Is there a standard consent to let request letter I can copy?
- I’m about to finish the fixed rate period of my 2 year fix with LendInvest and change on to the current variable rate. I would like to know whether consent to let from LendInvest is likely, if there are charges, and if there are time limits?
- 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?
- LendInvest - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I would like to get consent to let from LendInvest for a couple of years until I hope to switch to a buy to let. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above LendInvest consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with LendInvest is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 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 breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed