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.
Top Five Questions relating to Investec consent to lease
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My lender has placed me in a pickle with a Consent to Let home loan. Having sought consent to let my bank has asked me to provide them with a signed tenancy agreement before they will grant permission. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?
- Can you please advise me what fees Investec levy for consent to let out a room in my garden flat? Any answers are appreciated.
- I am expecting to apply for consent to let from my current mortgage provider Investec. A friend of mine said that she was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- I have a residential mortgage coming up for renewal with Investec. I have had the house rented out for a few years and I think I should come clean to Investec. I understand that it is possible to request consent to lease, but given that the property has previously been let out could they refuse - insist I switch a BTL rate and issue a penalty? I have over 25% equity in the house - and the rental income far exceeds the monthly loan payments.
- My lender wont grant consent to let without a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I am not certain but I vaguely recall my friend had a similar issue with Investec.
- I currently have a mortgage with Investec, but I will soon to need move out for approximately a year as we need to be closer to my partner's mum and dad. Will Investec grant consent to let?
- My husband and I are thinking about applying to Investec to obtain consent to let our house, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any additional steps in the process?
- What, if any, income criteria do Investec set for consent to let on an existing domestic mortgage?
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Caveats to be read in supplemental the above Investec 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 breach 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Investec your property may be repossessed