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Need professional advice for your consent to let with LendInvest? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: LendInvest consent to let
- My husband and I recently sorted our rates for another fixed five years with LendInvest. However, I attended an interview and basically I accepted the job offer in Lewisham. I'm going to rent a one bed flat for the family in Newham as we don't want to sell the house whist there is a chance that we come back before two years.... We really don't know how things will work out. We called LendInvest but we would appreciate your take on the situation. How is it to receive consent to let in that case as we secured a fixed 5 years rate we would not want to change.
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I can't find a buyer. This is because my neighbour is a drunk and assaulted me last year. I was obliged to put it on the disclosure sheet. Mortgage is with LendInvest on a standard variable rate. Someone mentioned I should get consent to let from LendInvest and let the flat for a couple of years.
- I am a letting agent. If a landlord chooses to let out their property without consent to let from LendInvest - have I failed in my duty of care? Technically the landlord isn't committing a crime, however, they would be breaching their contract with the LendInvest, as LendInvest invariably require to be informed of any change in circumstances. If I look the other way could I be storing up problems for myself?
- Resulting from a change in family circumstances my husband and I are moving to my mum and dad’s house while they are away and letting our flat out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to remortgage in the next 12 months will we then switch to a BTL mortgage. We intend to return to our flat at within the next twelve months?
- I am thinking of renting my apartment will LendInvest bill me for a consent to let letter?
- I am trying to find out LendInvest fees for conversion to consent to let from a fixed rate residential mortgage?
- In the event that I was successful in obtaining consent to let from LendInvest, can I sell during the consent period? Is it possible that I would incur any penalties?
- Do you have the address to which a Consent to Let request to be sent for LendInvest? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above LendInvest consent to let information
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
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 provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with LendInvest