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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.
Aviva Equity Release Consent to Lease Example Support Desk Enquires
- I have a two bedroom first floor purpose built flat in Islington let out which has a sixty year lease. Mortgage broker said I should refinance (currently with Aviva Equity Release) as a buy to let rather than consent to let and release 65-70k which on top of a new mortgage based on my income would give me a budget of £210k. Not much about in Tower Hamlets for me to buy my own property. To extend the lease will cost 13k. Lease out with consent to let or sell the flat?
- Much to my surprise I have been offered an excellent career opportunity for 9 months in New York. I have enough cash reserves to pay the monthly Aviva Equity Release mortgage however the block insurance requires continuous residency in order not to be invalidated. Last Christmas the roof suffered storm damage but was repaired. Should there be any problems during the winter months I would find it hard to afford repair costs. Would I be eligible for consent to let by Aviva Equity Release for the period I am abroad?
- I applied for consent but I did not get it as I did a remortgage in June but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Aviva Equity Release but will they give me consent straight away?
- I have a first time buyer mortgage on a studio flat in Westminster but have rented it out without letting Aviva Equity Release know this. I now require a consent to let letter. How can I get one?
- Just curious as to whether it is possible if you own one property with consent to let from Aviva Equity Release, to buy another with a residential mortgage to live in. Then once the consent expires on the first property, to change to buy to let or sell it?
- Can I remortgage with Aviva Equity Release with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I am considering moving in with my boyfriend at his home and would like to rent out my property that I acquired last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from Aviva Equity Release If I obtain consent would my mortgage payments rise?
- I have a mortgage with Aviva Equity Release taken three months back where I moved from another lender. Can I now rent my property with consent to let from Aviva Equity Release as I am looking to purchase a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Aviva Equity Release consent to let Info
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 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 regular 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
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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Aviva Equity Release your property may be repossessed