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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.
Recently asked questions relating to Aviva Equity Release consent to lease
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What is the most extreme action Aviva Equity Release can take if I have Sublet my flat without consent to let?
- I bought a house a couple of years ago in Leeds when I worked locally. I got a promotion which necessitated working in Luton. I commute down on Saturday afternoon and live with a relative during the week. I decided on relocating with the family to avoid the commute. I am deliberating the possibility of renting out my existing home. The mortgage is with Aviva Equity Release, would I have to move onto a new mortgage rate or should I apply for consent to let?
- I have a fixed mortgage with Aviva Equity Release (with a little over one year left) but due to redundancy want to move away from NW London (actually to a new job in France) and so want to rent the property out. We don't want to have the expense of a repayment fee and understand that some lenders happily grant this 'consent'...what is the approach taken by Aviva Equity Release?
- I are looking to let out our three bedroom ground floor purpose built flat in Islington in the new year. I would like some advice on what I need to do. I've just moved our Aviva Equity Release mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- I was just wondering if Aviva Equity Release were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I would like some advice on how best to approach my mortgage provider Aviva Equity Release regarding a 'Consent-to-Let' application. Is this a task you can assist me with ?
- I am currently in the process of getting a mortgage through Aviva Equity Release - I foresee that in the within months I may decide to rent the property out - how would I switch the normal mortgage to a buy to let mortgage?
- We are considering a remortgage offer with Aviva Equity Release and it's a strong possibility that I will require consent to let at some point in the fixed period. Are there any fees I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Aviva Equity Release 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
Should the tenure of your property be leasehold, the lease may prohibit 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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Aviva Equity Release