Need Help?
Need professional advice for your consent to let with Aviva Equity Release UK Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Aviva Equity Release consent to let
-
We've been renting my wife's old house out with "consent to let" from Aviva Equity Release on a regular mortgage for the previous three years. Aviva Equity Release have put forward an ultimatum withdrawing their consent to let if we do not swap to one of their "buy to let" products.
- I have just been presented with an excellent career opportunity for 9 months in New York. I do have sufficient money to meet the monthly Aviva Equity Release mortgage yet the buildings insurance stipulates continuous residency in order to be valid. Last December the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would struggle to afford remedial works. Would I be eligible for consent to let from Aviva Equity Release for a limited period?
- We took out a fixed rate mortgage with Aviva Equity Release for two yrs and have been living in the flat for about eighteen months. Due to work I need to move so I would like to let the property out. What is the best way to go about getting consent to let from Aviva Equity Release?
- I acquired my one bedroom apartment in Greenwich one year ago and have a two year fixed rate mortgage with Aviva Equity Release. Looking to move in with my girlfriend within the next 6 months and would like to let out my property. Just want to know the process.
- I am trying to investigate if it is possible to get a consent to let mortgage with Aviva Equity Release rather than a buy to let mortgage
- I am looking for consent to let for my flat as I am moving out for four months currently fixed Aviva Equity Release mortgage with three years which is up in June next year.
- Would a previous extension to a mortgage term with Aviva Equity Release be held against us when we sought consent to let from Aviva Equity Release.
- In the event that I was successful in obtaining consent to let from Aviva Equity Release, could I sell during the consent period? Is it possible that I would incur any penalties?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Aviva Equity Release 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
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 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 inform 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.
If you do not keep up the payments on your mortgage with Aviva Equity Release your property may be repossessed