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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.
Questions and Answers: LendInvest consent to let
- My colleague intends to rent out his flat out in the absence of consent to let via his mortgage lender LendInvest. He has been on an interest only mortgage for about 7 years now. Outstanding amount is £112k, having bought the apartment for about £118k. In the absence of receiving consent to let from LendInvest, exactly what sanctions does he risk?
- My husband phoned LendInvest on Monday concerning consent to let. He is expecting a call back. We have placed an offer in on a house that has been provisionally accepted so we need to know how likely it is that we will get consent to let with LendInvest?
- I have a self contained flat attached to my house that my dad is planning to move out from. As the main house is large I was considering moving into the annex and let the remainder out. This is also due to change of circumstances. Would I require consent to let from LendInvest?
- I am in the Royal Air Force and intending to buy a property using a LendInvest mortgage. I would like to get consent to let the property to my parents. In years to come I would reside in the property myself when my military career comes to an end. Will I need to apply to my superior officer to request permission to rent it out?
- Will LendInvest want to know why I am seeking consent to let? Should I inform them of my possible relocation abroad?
- I currently have a mortgage with LendInvest that I would like to transfer to a consent to let as we have found another property we are looking to purchase. How do I go about getting a consent to let from LendInvest?
- Would a prior extension to a mortgage term with LendInvest work against us once we applied to LendInvest for consent to let.
- I am enquiring as to whether there are any charges in obtaining consent to let on a leasehold property when I have a mortgage with LendInvest
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above LendInvest consent to let Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming invalid. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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