Need Help?
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.
Frequently asked questions relating to Intelligent Finance consent to lease
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I'm about to contact Intelligent Finance for consent to let out my house in Intelligent Finance. However I currently have the property for sale but there are no takers and forking out for a full mortgage, council tax and insurance on unoccupied house is draining me financially. What position would Intelligent Finance take if I market the property?
- Under what situations will consent to let for a property be granted via Intelligent Finance? How long do you have to have had the mortgage before consent to let can be negotiated with Intelligent Finance? By way of background I am a young solicitor in a home bought last July. The perfect job opportunity requiring moving to a different city permanently has arisen. I would be interested in procuring consent to let initially to be able to put a tenant in it to offset the expense of the Intelligent Finance mortgage.
- I have just been presented with a once in a lifetime career opportunity for 6 months in Denmark. I do have sufficient savings to meet the monthly Intelligent Finance mortgage yet the block insurance stipulates continuous residency in order to be valid. Last December the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would find it hard to afford remedial works. Will I qualify for consent to let via Intelligent Finance for the time I am overseas?
- I rented my house out for three years from 2009-2012 while working abroad. I have a letter dated January 2010 from my lender granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not satisfy the new lender Intelligent Finance for the house I intend to buy.Your view would be appreciated
- I am endeavouring to find out which lenders are best for granting consent-to-let without hiking up rates, and hopefully permitting in excess of 2 years if required. Is that something you can help with? We are particularly interested in Intelligent Finance
- I have bought a flat with a Intelligent Finance mortgage. However I am currently living with parents. I don't want to move in until next November due to personal reasons. In interim can I lease out the property with consent to let?
- I am already letting out my flat but may have sussed what has been going on. I have four months remaining on my fixed rate. How straightforward is it to get consent to let from Intelligent Finance. Is it just a five minute phone call, pay the charge and it's done there and then?
- I hope you can help What do we need to do to obtain consent to let from Intelligent Finance? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Intelligent Finance 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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