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Need professional advice for your consent to let with Investec Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Investec consent to lease
- I moved out of my apartment about six months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in six weeks and I am thinking about getting a new mortgage anyway. I want to ask for consent now, is that going to be forthcoming?
- Given we are relocating and unable to find a buyer for our property, we are mulling over letting it out. Am I duty bound to advise Investec? I am concerned that Investec might change our terms. I was hoping that if I continued paying on time it shouldn't be a problem, but am now nervous about insurance consequences if we haven't come clean. Any advice?
- I have found myself in the accidental landlord scenario and failed to inform Investec. I had to leave my apartment for family reasons, so now live in another part of the country. I originally tried to sell the flat, but prices were low, resulting in negative equity. This was a couple of years ago in 2011, which has since seen the property price increase and has given me time to save. 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 Investec that I have been letting without consent to let? I appreciate that I shouldn’t have done what I did, but circumstances backed me into a corner. Can I change to a BTL without Investec knowing what I’ve done?
- Is it right that mortgage providers (I have a mortgage with Investec) have changed tune and are now adopting a more accommodating approach towards consent to let? A broker suggested that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I move from a residential to a Buy to let I am moving to a regulated product. His belief was that under the current regulation lenders are wary of letting customers do this, which is likely why some mortgage providers will permit borrowers obtain consent to let but not move to a BTL product. Is this correct?
- I was just enquiring if Investec were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- Just wanted to know what needs to be provided to Investec in order to get consent to let? I just finished a three year fixed mortgage and possibly moving to another house with my partner.
- I have a mortgage with Investec taken 3 months ago where I moved from another mortgage provider. Am I now able to rent my property with consent to let from Investec as I am planning to buy a further property.
- I am interested in consent to let for my property mortgaged with Investec. How do I move forward? Do I have to apply to Investec and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Investec 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
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Investec your property may be repossessed