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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.
Intelligent Finance consent to let: Q and A’s
- I am a couple of years into my five year fixed rate mortgage and have accepted a job abroad so would like to let my flat for two years. My equity is about fifty per cent. My question is whether Intelligent Finance will charge me more interest for consent to let for the period of my letting?
- I have recently been provided with a work opportunity overseas and considering whether it's a good idea leasing my house out. Will Intelligent Finance allow me to change mortgage or give me consent to let? Should it not be available I will have to consider if it's worth taking the promotion. I have no objection to paying an increased amount as I intend to return and live in my home after twenty four months. I'm not doing it to profit. Just love my property and want to return to it at some point in the future.
- I have a one bedroom second floor purpose built flat in Enfield which I purchased six years ago and which I have since remortgaged with Intelligent Finance on a fixed rate which ends next June. If I want to lease out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when seeking consent to let?
- I am planning on buying a property, renting two of the bedrooms out in order to cover the loan with Intelligent Finance, and then moving on in a few years time - at which point the property would be fully rented. Is it likely that Intelligent Finance would frown upon this as I will have been given a domestic loan rather than a B2L or consent to let? I've read that the worst case scenario is that they can repossess the property, is this an exaggeration?
- What is the longest period that Intelligent Finance is willing to issue Consent To Let for?
- I am nine months into a three year residential mortgage with Intelligent Finance. Just enquiring if it's permitted to rent out the flat on my existing mortgage. Will Intelligent Finance grant consent to let?
- Can I remortgage with Intelligent Finance with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- My partner and I have had my mortgage with Intelligent Finance since 2007 and always made payments If I asked for consent to let would it be granted?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Intelligent Finance 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
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
If your property is 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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger 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 Intelligent Finance