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
- In August 2013 I was issued consent to let from my current lender which is about to expire. I have since been traveling and had my first child. My part time salary is not sufficient 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. Due to affordability I don't think the buy to let will be approved. One option I am thinking about is remortgaging to Vida Homeloans. Are they likely to grant consent to let from day one?
- How long do I need to have a further advance from Vida Homeloans before one is eligible for consent to let. Can I speak with someone to explore my options please?
- We intend to rent our garden flat out. We have made an offer on another property for us to purchase and have a tenant to move into ours. I assume I have to ask our lender Vida Homeloans for consent to let. Is there a standard consent to let request letter I can use?
- Is it possible that lenders (I have a mortgage with Vida Homeloans) may start taking a more accommodating approach towards consent to let? A broker suggested that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. So if I transfer from a homeowner to a Buy to let I am moving to a regulated product. His belief was that under the current regulation banks are reluctant to allow borrowers do this, which is likely why some mortgage providers will let borrowers apply for consent to let but not switch to a BTL product. Is he right?
- I don't currently have consent to let by Vida Homeloans but I would like to apply, An opportunity has arisen which might involve me working away for two years. But want to keep my home for when I come back - are you able to assist?
- I am already leasing out my property but may have been found out. I have 5 months remaining on my fixed rate. Is it simple to get consent to let from Vida Homeloans. Is it just a five minute phone call, pay the charge and it's done there and then?
- I am currently in the process of getting a mortgage through Vida Homeloans - It is possible that in the within months I may decide to rent the property out - how would I transfer the homeowner mortgage to a BTL mortgage?
- Would you be able to help me? What do I need to do to obtain consent to let from Vida Homeloans? And what are the charges?
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 Info
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
Should the tenure of your property be 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Vida Homeloans