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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.
Aviva Equity Release consent to let: Q and A’s
- I am looking to emigrate to Moscow . Rather than finding a buyer, I would like to lease my current property out, just in case things don’t work out and I decide to return within one or two years. The current mortgage is with Aviva Equity Release. Would I be able to refinance with another mortgage lender on a much lower interest rate then apply for Consent to Let after the re mortgage has completed?
- I have a mortgage with Aviva Equity Release. I wanted to buy a second house and my mortgage broker recommended I apply for a consent to let. As far as I am aware they would only accept the consent to let where it is my intention to go back to my current home. Your view would be appreciated?
- I have a residential property but I am moving with my girlfriend to a different location for career reasons and moreover near her university. Im keen keep my house but it is unlikely that I can afford a BTL rate. It will only be temporary -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Aviva Equity Release. Is there a chance I won't be approved for consent to let?
- My property recently got consent to let on a owner-occupier loan with Aviva Equity Release with aim of changing to a BTL rate when the fixed rate expires in a few months' time, so I'm not sure if this adds to the complexity of the issue! Any information gladly appreciated.
- My personal situation has changed, and I wish to let my place out - meaning consent to let- I have approx £175K loan with Aviva Equity Release and currently 90k equity I need to side-step the redemption penalties.
- We are close to purchasing a place and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the criteria is for consent to let from Aviva Equity Release? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- Aviva Equity Release - consent to let potential. Are you able to advise on the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
- I got a residential mortgage with Aviva Equity Release. I acquired the property in March two years ago. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Aviva Equity Release consent to let information
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
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
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 restrictions are not strictly observed you may be in violation of 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.
If you do not keep up the payments on your mortgage with Aviva Equity Release your property may be repossessed