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
- We are in possession of a mortgage offer from LendInvest, but we are running up against a serious block. My husband is a teacher in a boarding school, whereby we are provided with accommodation as part of his employment. We wanted to purchase a garden flat with a view to joining the property ladder, and rent it out while we're living at the school accommodation. I had thought LendInvest would be willing to give consent to let from the outset of the mortgage. It appears that we may not be able to get consent to let. Can you give me any suggestions?
- I have a mortgage with LendInvest however my husband and I will be relocating to Australia in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I have a flat in Sutton with a LendInvest mortgage but have not lived there for a while. My brother moved in but is there rent free. At the moment I live in rented premises and am keen to buy a house. I have identified a perfect property at an attractive price. I have sufficient for a deposit to put down on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a BTL loan simultaneously. Can I change the current LendInvest mortgage for my old property into a consent to let and use my reserves to pay a larger deposit for the homeowner mortgage on the property that I am looking to purchase?
- My fiance and I are intent on purchasing a property, letting two of the rooms out to help cover the loan with LendInvest, and then moving on in two or three years - at which point the property would be entirely tenanted. How likely is it that LendInvest would frown upon this as I will have been given a non-commercial loan as opposed to a B2L or consent to let? I've heard that the worst possible outcome is that they can sue for mortgage fraud, is this right?
- I was just curious as to whether LendInvest would issue me with consent to let and what kind of charges, penalties and rate increase etc
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Lewisham. How likely are we to be given consent to let by LendInvest without being forced onto a BTL product.
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a normal mortgage with LendInvest
- Please can you provide me with advice as to how to proceed with gaining consent to let from LendInvest and what, if any, fees apply.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above LendInvest consent to let Questions and Answers
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
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 notify them could trigger your insurance becoming invalid. 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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
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