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.
Examples of recent questions relating to Vida Homeloans consent to let
-
My wife and I have a Vida Homeloans mortgage and are have made overpayments to bring the loan amount down, in gainful employment etc. Do you know how much the fees are and if Vida Homeloans usually grant consent to let without transferring to a commercial rate?
-
Do I need consent to let from Vida Homeloans or can I lease out my basement flat without telling Vida Homeloans and having to transfer to a B2L loan?
-
Finding myself in a difficult predicament with a Consent to Let mortgage. In response to requesting consent to let the bank has asked me to provide them with an executed tenancy agreement before they will grant consent. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
- In June 2013 I was issued consent to let from my current lender which is about to come to an end. Since I took this out to travel and start a family. I'm not earning enough just now to pay the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. As a result of my low income I don't think the buy to let will be approved. One option I am considering remortgaging to Vida Homeloans. Are they likely to give consent to let from the start?
- I am seeking from Vida Homeloans consent to let out my flat in Hackney. I am putting in hand arrangements to live with my grandfather as I am off work through ill health.
- My family circumstances has changed, and I would like to let my property out - meaning consent to let- I have about £140K loan with Vida Homeloans and currently 85k equity I need to side-step the redemption penalties.
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a residential mortgage with Vida Homeloans
- Will I need consent to let from Vida Homeloans if I am intending to occupy the house myself for part of the year? Also if I obtain consent to let for a limited time, say up to 2 years, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Vida Homeloans consent to let Advice
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
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 obtain the consent of 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 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