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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.
Frequently asked questions relating to LendInvest consent to lease
- I am about to contact my lender LendInvest explaining the following logic for me asking for consent to let ; "I am struggling with the mortgage and thinking about a to move back with my parents but can't sell. I am very concerned by defaulting on the mortgage and have considered handing over the property to you. If I had consent to let that may solve things." What are the chances that this will result in a positive response?
- What is the difference between consent to let and changing to a buy to let mortgage? Also is the property subject to Capital Gains Tax if sold?
- My fixed rate mortgage with LendInvest runs out mid next year and I'm planning on fixing for a further 4 years with LendInvest, with any luck rates will remain low. In two years time I may want to move for a couple of years to a different county. How simple is it to get consent to let from LendInvest in these circumstances? I would be returning at the end of the two years to live in my property.
- I have a question concerning consent to let. I have a LendInvest mortgage on my property (with a large chunk of equity). We are planning to move out of Cambridge and if at all possible want to lease out our house with consent to let from LendInvest and use the income from that to help get approval for a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- When it comes to consent to let from LendInvest am I obliged to advise them each time we get a new tenant and forward them a duplicate of the tenancy?
- I’m about to finish the fixed rate period of my three year fix with LendInvest and move on to the standard variable rate. I would like to know whether consent to let from LendInvest is a foregone conclusion, if there are charges, and if there conditions?
- 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.
- We have four months to remaining on a 2 year residential mortgage with LendInvest but now let the house out. is it safe to assume they will simply charge a set fee for consent to let?
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 Questions and Answers
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
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 regular 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 LendInvest