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
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I am a first time buyer hoping to complete on a 2 bedroom house in Vida Homeloans. I have a healthy deposit with a mortgage from Vida Homeloans. My concern is that my girlfriend owns a flat in London and I can foresee myself moving in next year, at which point I would have to let out my property. I understand that consent to let is required but it does not sound like a positive outcome is assured. Can you offer any advice?
- I want a bit of preliminary advice to see consent to let is a sensible proposition. I bought my apartment 6 months ago by porting an existing Vida Homeloans mortgage product. My fixed rate ran out three months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Vida Homeloans, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to switch to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a feasible option for myself and 2) I need to find additional capital to meet the 65% LTV ratio required for a BTL mortgage. Ideally I would like to obtain consent to let from Vida Homeloans for a couple of years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, reoccupy it.
- My partner and I acquired a property in Leeds and will be moving to Devon at the beginning of March. I have a letting agency and tenant lined up. I was proposing to keep quiet as I'm worried Vida Homeloans will insist that I change my mortgage rate for buy to let which is not economically feasible. I appreciate that it would be preferable to gain a consent to let via Vida Homeloans but am afraid if I show my hand it would lead to a whole host of issues
- We took a loan out on a 2 bed flat in December however I will be working outside of commuting distance of Barnet in the medium term but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do hope to return to Barnet so would like to keep it. How likely are Vida Homeloans to allow a consent to let and what is the procedure ?
- If we ask for a consent to let letter by Vida Homeloans will we be forced to switch to buy to let mortgage? Our mortgage is with Vida Homeloans and as houses are not currently selling but we have seen one we like we were going to rent our home out in order to acquire the new and sell this one if the value picks up.
- I have a mortgage with Vida Homeloans at present and just enquiring about the procedure for getting a 'consent to let'
- Just wanted to know what needs to be provided to Vida Homeloans in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another apartment with my wife.
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a residential mortgage with Vida Homeloans
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General Advice to read in further to the above Vida Homeloans consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Vida Homeloans