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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.
Sample questions relating to Aviva Equity Release consent to let
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I rent out my property in Barnet. I didn't request consent to let. I moved to Surrey for a job opportunity and couldn't do a commute but was worried that Aviva Equity Release would charge me a small fortune so I decided to take the risk. I'm hoping to legitimise it now... basically carry on letting it but with consent. What are my next steps?
- My husband and I recently sorted our rates for another fixed period with Aviva Equity Release. However, I attended an interview and basically I accepted the job offer in Enfield. I'm going to rent a two bedroom flat for the family in Lambeth as we don't want to sell the house whist there is a chance that we come back within a couple of years.... We really don't know whether it will work out. We called Aviva Equity Release but we would appreciate your point of view please. How is it to have a consent to let in that case as we just got a fixed 5 years rate we really don't want to lose this rate.
- I have found myself in the accidental landlord scenario and failed to inform Aviva Equity Release. I had to leave my flat for career purposes, so am now based in another part of the country. At first I attempted to sell the flat, but prices were low, resulting in negative equity. This was a couple of years ago in 2012, which has since seen the property price increase and has given me time to accumulate savings. 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 am aware that I shouldn’t have done what I did, but circumstances left me with limited options. Have I committed a criminal offence?
- Twelve years ago I was granted permission by the local authority and my mortgage provider Aviva Equity Release to convert a small barn into a granny annex, conditional on it not being sold separately from the main house. My parents passed away some years ago and I would now like to rent it out with consent to let from Aviva Equity Release. Do you think this will be possible?
- How much of my loan allowance will be made available to borrow if I change my mortgage to a consent to let with Aviva Equity Release?
- I don't currently have consent to let from Aviva Equity Release but I would like to apply, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my home for when I come back - can you assist?
- I have a question I'd like to ask...if consent to let is given by Aviva Equity Release would it usually be restricted to a time limit, such as one year?
- I was just wondering how to obtain consent to let from Aviva Equity Release...do I phone them or apply formally in writing to them?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 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