Need Help?
Need professional advice for your consent to let with Intelligent Finance? 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 Intelligent Finance consent to let
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I plan to apply to Intelligent Finance to obtain consent to let out my property in Intelligent Finance. However I currently have the property for sale but there are no takers and forking out for a full mortgage, council tax and insurance on vacant house is a financial drain. What position would Intelligent Finance take if I have the house on the market?
- Current property valued at £250k. Intelligent Finance mortgage owing £30k with 5 years to run. Apply for consent to let via Intelligent Finance for current flat and use income to pay off what is left of the loan. Apply for 65 per cent Intelligent Finance mortgage on new premises that I will consider to be my primary home? Any reason I cant do this?
- I have a mortgage with a friend on our apartment which is up for renewal 13th July. I am having to relocate to Brighton with work in March. What are the chances of being able to switch to a consent to let mortgage with Intelligent Finance?
- I took a mortgage out on a studio flat last August however I will be working outside of commuting distance of Lewisham in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do plan to return to Lewisham so would like to keep it. How likely are Intelligent Finance to allow a consent to let and what is the procedure ?
- What is the process for getting a consent to let application form from Intelligent Finance and how quickly can I get the consent?
- Intelligent Finance - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- Do you know whether Intelligent Finance will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Intelligent Finance let me raise capital based on the rental income ?
- I'm mulling over a remortgage offer with Intelligent Finance and it's likely I will need take advantage of any consent to let option if available at some point in the fixed period. Are there any penalties I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Intelligent Finance consent to let Questions and Answers
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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Intelligent Finance your property may be repossessed