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Need professional advice for your consent to let with Vida Homeloans? 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 Vida Homeloans consent to lease
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My husband and I purchased a terraced property in 2013 for £147,000 with Vida Homeloans. My husband’s job requires him to relocate to Belgium and appreciate that I have to obtain consent to let from Vida Homeloans. Will they grant permission?
- My brother and I jointly own a property in Merton with a Vida Homeloans mortgage. I am looking to leave and purchase a new property with my fiancee. How should I deal with leasing out my room? Do I require consent to let via Vida Homeloans. My brother will continue to reside in the property
- My boyfriend and I (joint owner) are thinking of remortgaging with Vida Homeloans. I was conducting some research concerning consent to let from Vida Homeloans to understand the rules around potentially renting our existing apartment out (probably in a year or 2) if we moved away. The flat in question was a first-time purchase for us about three years ago. Currently we are living there.
- My plan is to let my maisonette out from the end of June next year as I will be going for a few months. I have a domestic mortgage with Vida Homeloans. I will not be letting for more than four months. Most likely it will be five months. I have been told to get consent from my freeholder first? Please can you suggest what I should be doing in what order?
- My wife and I have already let but only just realised Vida Homeloans ought to have been told and consent to let applied for - what's the best course of action now?
- I am interested in some advice on how best to approach my mortgage provider Vida Homeloans regarding a 'Consent-to-Let' application. Is this a task you can assist me with ?
- Do you have the address to which a Consent to Let request to be sent for Vida Homeloans? Sorry about bothering you with this query.
- We need to lease out my house to be nearer to my daughter's college and look after of my mother. What do I need for the application of consent to let from Vida Homeloans?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Vida Homeloans 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
Where 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 inform them may 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Vida Homeloans your property may be repossessed