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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
- We are presently twelve months into a year fixed rate mortgage with Aviva Equity Release. Ideally we would like to buy a more substantial 2nd property in the next year however would like to keep the first property and I was wondering what reason we could put down on the consent to let form to get their approval
- My granddaughter is going to work overseas for twelve months and would like to rent her apartment out. She has a Aviva Equity Release fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- I am 2 years into a 5 years fixed term mortgage and have accepted an overseas job so wish to let my home for 2 years. My L2V is in the region of seventy per cent. Can you tell me if Aviva Equity Release will load the interest rate for consent to let for the period that the property is tenanted?
- We are currently in Hong Kong and renting out our apartment in the UK. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we send back money each month to make up the shortfall. Last week our lender got in touch telling me that because the property is being let out and has been for nearly two years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell up but this will not be easy as I am on the other side of the world. Would it be possible to remortgage with Aviva Equity Release and get consent to let?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Aviva Equity Release? Can you assist?
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from Aviva Equity Release and let my studio flat out if I move in with her?
- I am thinking about letting out my property with consent to let from Aviva Equity Release, what fees are likely to be incurred?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Aviva Equity Release would grant consent to let from the start?
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General Advice to read in further to the above Aviva Equity Release consent to let Questions and Answers
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 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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in 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