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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
- I have a Intelligent Finance mortgage with my twin and want to move on and get a new mortgage with my partner. How would I go about taking in a lodger? Is consent to let necessary by Intelligent Finance? My twin will stay in the flat
- The plan is to move in with my partner and I have let my property out to 2 tenants on a one year tenancy. I am now applying for consent to let from Intelligent Finance but what if they refuse. I can’t rescind on my contract in terms of backing out of renting the students as the paperwork is finalised. On the other hand Intelligent Finance could sue me for breach of mortgage condition i.e. renting it out without consent to let.
- My house had been tenanted for three years from 2009-2012 while living overseas. I have a letter dated June 2010 from my building society 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 issued. 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 wish to buy.Can this be correct
- My fiance and I are just about to receive a mortgage offer from Intelligent Finance for a freehold house. I have applied via a broker. It is a capital and interest mortgage. I am curious as to what is the main criteria Intelligent Finance adopt in order to allow customers consent to let? Is consent to let based on the rental yield of a property?
- My existing mortgage is with Intelligent Finance, but I am going to move out for around 12 months as we need to be closer to my wife’s mum and dad. Will Intelligent Finance give consent to let?
- I might be looking to lease out my property and wondered what I would need to do to obtain consent to let by Intelligent Finance. I may be moving abroad for six months.
- We need to lease out my house to be nearer to my daughter's college and take care of my mother. How long will the consent to let take to get from Intelligent Finance? a month?
- I might potentially need consent to let from Intelligent Finance in the future with work. I am just seeing what the options would be if this was the case. Is there a limit on how long you can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
One thing to remember when arranging a consent to let mortgage with Intelligent Finance 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 standard 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 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 your covenants under the lease. This could trigger 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 Intelligent Finance your property may be repossessed