Need Help?
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.
Vida Homeloans Consent to Lease Example Support Desk Enquires
- Current flat worth £250k. Remaining home loan of £30k with six years to run. Apply for consent to let via Vida Homeloans for current premises and utilise income to pay off remaining of mortgage. Take out 75 % Vida Homeloans loan on further flat that I will consider to be my main home? Any reason not to do this?
- Please explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It is on the market and I can't find a buyer. This is probably due to an longstanding feud with the guy next door. I had no choice but to put this on the disclosure form. Mortgage is with Vida Homeloans on a standard variable rate. Someone mentioned I should get consent to let by Vida Homeloans and lease the property out.
- If a landlord chooses to rent out their property without consent to let by Vida Homeloans - what, if any implication could there be for an agent acting for the landlord?
- I purchased my studio flat in Sutton eight months ago and have a 2 year fixed rate mortgage with Vida Homeloans. Looking to move in with my partner next month and wish to let out my property. Just want to know the process.
- My wife and I are trying to figure out which lenders are best for granting consent-to-let without raising rates, and hopefully permitting more than 2 years where necessary. Is that something you can assist me with? We are particularly interested in Vida Homeloans
- Please can you tell me the circumstances under which Vida Homeloans would refuse a request for consent to let?
- I have had my mortgage with Vida Homeloans for eight years and always made payments If I asked for consent to let would I receive a positive reply?
- I am interested in consent to let for my house mortgaged with Vida Homeloans. How do I move forward? Do I have to call Vida Homeloans and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Vida Homeloans consent to let information
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Vida Homeloans your property may be repossessed