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.
Intelligent Finance Consent to Lease Example Support Desk Enquires
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Finding myself in an impossible situation with a Consent to Let mortgage. Reacting to my requisition for consent to let the bank has requested evidence of a signed tenancy agreement prior to issuing consent. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
- Last month I received consent to let on a residential homeloan with Intelligent Finance with aim of changing to a B2L rate when the fixed rate expires within the four months, so I'm uncertain if this complications to the issue! Any recommendations gladly appreciated.
- I found tenants for my apartment last June and didn't tell Intelligent Finance. I have a five year homeowner mortgage (large amount of equity in it, never defaulted) and want to let Intelligent Finance know and get consent to let for the final 24 months of my mortgage . Not sure what to do.
- I am hoping to make use of equity in my current house to buy an additional property which I intend to live in whilst I do it up. My preference is to rent my first property with the Intelligent Finance mortgage. Is it likely that I will be issued with consent to let? House is valued at £300 k with a £125k mortgage in place.
- We have a owner-occupier mortgage with Intelligent Finance and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Ahead of applying I would like to know the repercussions if any of making the change and any facts that we need to consider.
- I have had my home loan with Intelligent Finance since 2007 and always made payments If I sought consent to let would it be granted?
- Three months ago I acquired a property with a Intelligent Finance mortgage. However I am presently living with mother and father. I don't want to move in until next January due to personal issues. In interim can I rent out the property with consent to let?
- What happens if a borrower has already rented out the property for a number of years as an HMO and now wish to go legit with Intelligent Finance by obtaining consent to let ? (work on the basis that Intelligent Finance had already given a standard mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Intelligent Finance 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
If 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 inform them may trigger your insurance becoming null and void. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Intelligent Finance your property may be repossessed