Need Help?
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.
Examples of recent questions relating to LendInvest consent to let
- What's the difference btw consent to let and buy to let? What is the consent to let rate offered by LendInvest?
- I have a LendInvest mortgage with my twin and am looking to move out and get a new mortgage with my partner. How should I proceed with renting out my room? Do I need consent to let via LendInvest? My twin will stay in the property
- Am with LendInvest and wonder if I am required to notify them if we no longer reside in the property. I believe that they may up the interest rate if we move and find a tenant but it's far from obvious what the increase would be. If I decide to lease my property out and seek consent to let how would the payments change?
- Resulting from a change in family circumstances my wife and I are housesitting my parents 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 refinance in the next twelve months will we then have to move to a BTL product. We intend to return to our home at the beginning of 2017?
- I am looking for information on the requirements that LendInvest set for consent to let? Can you assist?
- I am deliberating on renting my house will LendInvest charge me for a consent to let letter?
- I need to rent out my house to be nearer to my son’s uni and take care of my father. How long will the consent to let take to get from LendInvest? a month?
- I am interested in consent to let for my home mortgaged with LendInvest. How do I move forward? Do I have to write to LendInvest and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above LendInvest 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
One thing to remember when arranging a consent to let mortgage with LendInvest is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed