Need Help?
Need professional advice for your consent to let with Investec Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Investec Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Can Investec exercise a right to increase interest rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates in line with their Buy to Let products'?
Do I need consent to let from Investec or can I lease out my property without telling Investec and having to convert to a buy-to-let loan?
My better half and I will move back to Australiain Month, perhaps for a little as 9 months but conceivably longer term. We have just applied to Investec for consent to let out my property (we have already found tenants). I have been with Investec for 9 years and I have never had any arrears. Investec advise, that even if they grant consent to let, that this is a short term consent for 12 months. What happens after one year?
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.
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming null and void. 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
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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure to inform 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.