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.
Top Five Questions relating to Vida Homeloans consent to lease
- What's the difference btw consent to let and buy to let? What is the consent to let rate offered by Vida Homeloans?
- I have a house in Harrow but I am moving with my girlfriend to a different location for work purposes and moreover close to her university. Im keen retain the property but it is unlikely that I can afford a buy to let mortgage. It will only be short term -three years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Vida Homeloans. Do you think they will grant consent to let?
- I'm looking to remortgage our old garden flat, currently tenanted under consent to let from Vida Homeloans, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what my options are. Can you recommend a good broker service specialising in BTL?
- I was going to call Vida Homeloans to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would look online. I was wondering if there is anywhere I could download this form on the net?
- Can you help me understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Vida Homeloans? Are you able to assist?
- Will Vida Homeloans choose to operate a right to change the rates on a residential mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one refinance on a consent to let with Vida Homeloans?
- Are you aware of any flexibility in the accepted equity ration before switching from an existing Vida Homeloans mortgage to a consent to let?
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Vida Homeloans. Does it make a difference that I only recently out the mortgage three months ago?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
Omitting 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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 Vida Homeloans