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.
Frequently asked questions relating to LendInvest consent to lease
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Can LendInvest exercise a right to put a loading on my interest rate on a regular mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their BTL products'?
- I previously got consent to let from LendInvest in 2011 but never used it and subsequently remortgaged to another bank. I recently asked for consent to let. I was told it would be authorised since I met the criteria. I have now got a letter advising me that I must supply evidence from the DWP indicating that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- I have a fixed mortgage with LendInvest (with just over one year remaining) but due to redundancy want to move away from NW London (actually to a new job in Belgium) and so wish to rent the property out. We are keen to avoid the expense of a repayment penalty and understand that some lenders happily grant this 'consent'...what is the approach taken by LendInvest?
- My house had been tenanted for three years between 2009-2012 while employed abroad. I have a letter dated May 2010 from my lender granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not be acceptable to the new lender LendInvest for the property I wish to buy.Your view would be appreciated
- I wish to rent the attic in my flat in Havering. Do I require consent to let from my lender LendInvest?
- I am thinking of moving in with my girlfriend at her home and would like to rent out my property that I bought last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to gain consent to let from LendInvest If I obtain consent would my mortgage payments go up?
- I am a LendInvest borrower. I would like to apply for consent to let my property. I have been waiting for LendInvest to get back to me. Could you please check and help?
- I recently purchased a property with 10% deposit for personal reasons. A mortgage was taken with LendInvest. However my circumstances have now changed. I am being transferred overseas. Am I able to obtain consent to let from LendInvest and put the house up for rent?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above LendInvest consent to let Questions and Answers
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
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 obtain the consent of the freeholder. If such conditions are not complied with 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with LendInvest