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Need professional advice for your consent to let with Intelligent Finance? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Intelligent Finance consent to let: Q and A’s
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What options are open to me if my request to obtain consent to lease is rejected by Intelligent Finance?
- After retiring in 2014 I purchased a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our nephew and I have therefore contacted Intelligent Finance for consent to let. Do you think this is likely to be given?
- A friend of mine recently sought CTL from the Woolwich which they declined because the mortgage had not been going for six months. I am about to seek consent to let from Intelligent Finance. Do they have the same rule?
- My husband and I have decided to rent our ground floor flat out. We have put an offer on another property for us to buy and a tenant at the ready to move into ours. I assume I have to ask our mortgage provider Intelligent Finance for consent to let. I wonder if there is a template consent to let request letter I can copy?
- I would like to understand the requirements that Intelligent Finance set for consent to let? Are you able to help?
- I currently have a mortgage with Intelligent Finance, but I will soon to need move out for about a year as we need to be closer to my wife’s mum. Will Intelligent Finance issue consent to let?
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Newham. What are the chances of being given consent to let by Intelligent Finance without being forced into a new rate.
- Will I need consent to let from Intelligent Finance if I am intending to occupy the property myself for part of the year? Furthermore if I receive consent to let for a period of time, say up to 2 years, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Intelligent Finance consent to let Info
Tax and Legal
There may be various 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
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 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance