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.
Sample questions relating to Aviva Equity Release consent to let
- Me and my husband were looking to purchase a garden flat with 10% deposit with the aim of moving in. However in the next two years the in-laws have plans to move to New York for a year so we would be moving into the in-lawsBromley property to "housesit". If we were to go ahead with a residential mortgage with Aviva Equity Release would we likely encounter any issues with gaining consent to let ?
- I recently got a DIP from Aviva Equity Release for a detached house. I have applied through Right to Buy. It is a 20 year mortgage. I am curious as to what is the main criteria Aviva Equity Release adopt in order to allow borrowers consent to let? Is consent to let based on the rental yield of a property?
- I have found myself in the accidental landlord situation and didnt inform Aviva Equity Release. I had to vacate my apartment for work purposes, so now rent in another part of the country. At first I tried to sell the flat, but prices were depressed, which meant I was in negative equity. This was four years ago in 2012, the value has gone up and has given me time to save. I am in now in a position where I can now transfer to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Aviva Equity Release that I have been letting without consent to let? I appreciate that I shouldn’t have done what I did, but circumstances wouldn’t allow me to do anything else. Can I change to a BTL without Aviva Equity Release knowing what I’ve done?
- We are in need of a larger house so our kids don't have to bunk together. We are planning to purchase another house in a few years time. The house is worth £185k and we have about £55k left to pay on the Aviva Equity Release mortgage. We would ideally like to keep this house if possible and lease it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- What is the longest period that Aviva Equity Release is willing to grant me the Consent To Let for?
- I am looking at moving abroad for work and would like consent to let from Aviva Equity Release whilst I am away. Is the way forward to prepare a letter requesting consent to let and send it off in the post to Aviva Equity Release? Letting the property isn't to make money but to retain the house in case things don't work out
- How do I go about getting a consent to let application form from Aviva Equity Release and how quickly can I get the consent?
- Seven weeks ago I completed my mortgage with Aviva Equity Release since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be issued consent to let if I were to move into his property
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
One thing to remember when arranging a consent to let mortgage with Aviva Equity Release is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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