Need Help?
Need professional advice for your consent to let with Vida Homeloans? 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 Vida Homeloans consent to let
- If I decided to rent out my garden flat with consent to let via Vida Homeloans, what proof would be required of tenancy? If after 1 year I decided to let it on a series of holiday term rental, do I still need to supply evidence to Vida Homeloans, or will they leave me alone provided i keep up with the payments? For instance if I sublet the room individually at some point in the future, is there any reason for Vida Homeloans to know and would they take issue?
- I am planning to apply for consent to let from my existing mortgage lender Vida Homeloans. A friend of mine said that she was granted ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- We are planning to lease out my apartment for 12 months from 5th September 2015. Is there conventional wording for a letter I can use to write to Vida Homeloans to apply for consent to let.
- Me and my girlfriend are about to buy a house together. Intention is for me to get consent to let my property from Vida Homeloans. Thinking a little down the line however - when my 2 year fixed comes to an end - how would it work if I sought to refinance my flat?
- We are interested in understanding the Vida Homeloans consent to let process and conditions for granting.
- I currently have a mortgage with Vida Homeloans 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 applying for consent to let from Vida Homeloans?
- I have Vida Homeloans mortgage and am considering letting the property. I am lead to believe that I would need a consent to let to do this...is that right ?
- I am currently in the process of getting a mortgage through Vida Homeloans - I foresee that in the coming months I may decide to let out the property - how would I transfer the homeowner mortgage to a buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Vida Homeloans 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
One thing to remember when arranging a consent to let mortgage with Vida Homeloans 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
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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Vida Homeloans