Need Help?
Need professional advice for your consent to let with Aviva Equity Release UK Ltd? 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 Aviva Equity Release consent to lease
- We are a young couple and we have identified a house in Haringey that we like and want to get a mortgage with Aviva Equity Release. Our concern is that I am pregnant and about to give birth any time soon as I am on the last few weeks of pregnancy. This means that it would not be possible for us to move straight away so we are considering living with our parents for the next few months. Meanwhile, if we secure this property, we can rent it out. I was just wondering how will that work out? Are we likely to be given consent to let from Aviva Equity Release
- I rented my house out for three years between 2009-2012 while living in New York. I have a letter dated June 2010 from my lender granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was issued. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender Aviva Equity Release for the house I wish to buy.Can this be correct
- Am I obliged to inform Aviva Equity Release of my plan to rent a caravan out on the grounds of my property. Can you help clarify? I am seeking separate advice on the insurance, legal and tax side of things .
- I am on a 2 year fixed rate mortgage with Aviva Equity Release which began in January. I will be moving out in August and have students ready to rent my property. I need to get a letter from Aviva Equity Release granting consent to let until my term is up to allow me to start a new mortgage. What is the process for going about this?
- How do I go about being given consent to let from Aviva Equity Release? Is there specific policies such as you have to live in the property for a year before its issued?
- Where I have an existing homeowner mortgage with Aviva Equity Release and am planning to rent it out in the future will I be issued with consent to let? What is the process and what needs to be done next?
- Just wanted to know what needs to be provided to Aviva Equity Release in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another house with my girlfriend.
- I may be looking to rent out my property and wondered what I would need to do to get consent to let from Aviva Equity Release. There is a possibility that I might be moving abroad for a year.
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Important warnings to consider in in addition to the above Aviva Equity Release 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
One thing to remember when arranging a consent to let mortgage with Aviva Equity Release 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 lease may prohibit 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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 Aviva Equity Release