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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.
Recently asked questions relating to Vida Homeloans consent to lease
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Finding myself between a rock and a hard place with a Consent to Let home loan. In response to requesting consent to let my bank has asked me to provide them with a signed tenancy agreement before they will grant consent. Is is not the case that if I adhered to their request that I would be violating the lender’s terms and conditions?
- I purchased a house three years ago in Manchester when I worked locally. I got a new job which necessitated working in Luton. I travel down on Saturday afternoon and live with a cousin mid week. I decided onmoving home to avoid the commute. I am considering the possibility of renting out my current home. My mortgage is with Vida Homeloans, would I have to move onto a new mortgage product or do I apply for consent to let?
- I took out a standard mortgage with Vida Homeloans last November and then had to relocate due to my job, I am now looking to renting my flat out for a year whilst I am away. What are my chances of obtaining consent to let from Vida Homeloans, and what effect would this have?
- I am planning to apply for consent to let from my existing mortgage lender Vida Homeloans. A friend of mine said that she was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- I have separated from my wife and we have moved back in with our respective parents and intend to divorce. What do I have to do to get Vida Homeloans to give consent to let the property out to students?
- My fiance and I are interested in finding out more about the Vida Homeloans consent to let process and conditions for granting.
- My daughter has a mortgage with Vida Homeloans and she wants to lease her apartment out as she moving in with her boyfriend.Will she be given consent to let? What is the procedure and charges involved?
- Me and my OH and I have a mortgage with Vida Homeloans and would be thinking about buying another main residence and then subsequently renting our current property out. Would I require consent to let from Vida Homeloans?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Vida Homeloans consent to let Advice
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 Vida Homeloans 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 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.
If you do not keep up the payments on your mortgage with Vida Homeloans your property may be repossessed