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.
Sample questions relating to Vida Homeloans consent to let
-
Is it possible to remortgage on a consent to let with Vida Homeloans?
-
Exciting times as my husband and I intend to relocate to Floridain Month, possibly temporarily but conceivably longer term. We have just applied to Vida Homeloans for consent to let out our property (we have already found tenants). The mortgage has been in place with Vida Homeloans for 6 years and no payments have ever been missed. Vida Homeloans say, that even if they give permission, that this is a short term consent for a single year. Do I then need to reapply?
- I own a three bedroom second floor purpose built maisonette but I am never there, looking into the possibility of renting it out. The mortgage is with Vida Homeloans, would I have to switch my mortgage product or do I apply for consent to let?
- We have a fixed mortgage with Vida Homeloans (with a little over one year left) but due to redundancy want to move away from Essex (actually to a new job in Holland) and so wish to let the property out. We are keen to avoid the expense of a repayment fee and understand that some lenders are content to grant this 'consent'...what is the approach taken by Vida Homeloans?
- I am relocating for work for as long as a year... I was wondering if I was able to gain from Vida Homeloans consent to let the house out while abroad as I am reluctant to leave it unoccupied for that long
- I could potentially need consent to let from Vida Homeloans in the future with work. I am just exploring what the options would be if this was the case. Is there a limit on how long one can let out a property with consent?
- Is there a time limit on a consent to let from Vida Homeloans? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- About to remortgage my property but will likely be moving out in the near future and would be looking to rent it out. Is it possible to get buy to let or consent to let from Vida Homeloans?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Vida Homeloans consent to let Info
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 could result in 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 Vida Homeloans