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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.
Investec consent to let: Q and A’s
- My friend has let her house off the same landlord for nearly 18 months. During the past year my friend has received letters from Investec (it is apparent from the envelope). For the first coulpe she reposted them to her landlord’s address. I was a bit suspicious as none of her landlord’s mail was supposed to be going there. I decided to go to my friends house and called Investec on her behalf. The lady I called at Investec had a long list of questions, the landlord’s details, the tenant's name and then said they would investigate whether she could legallylet out the house or if it was an offence with no consent to let. What does this mean for my friend?
- I am a FTB in the process of attempting to purchase a flat. However there is a strong possibility that I will be moving abroad in the near future. I have told this to my financial adviser who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Investec. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Investec. How would the property be treated for CGT purposes? From what I can tell there is some sort of tax relief if you have had to vacate your property to move abroad for work. is that right?
- My fixed deal expires May next year and I wish to fix for a further three years with Investec, hopefully rates will remain low. In in next couple of years I might want to move temporarily to a different county. How simple is it to get consent to let by Investec in these circumstances? Assuming that monthly rent payments would be about £300 higher than the Investec mortgage payments.
- I am currently looking to acquire my first home however, I am self employed. I I would like to find a lender that will permit short term letting with a residential mortgage so that I could rent out the property for 6-9 months with long periods of absence without being forced into a BTL mortgage. Are you able to advise me on how lenders would view this and in particular the approach taken by Investec.
- Me and my partner are considering applying to Investec to obtain consent to let our house, how long does it take from the point of submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- I am already renting out my property 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 Investec. Is it just a five minute phone call, pay the charge and that's it?
- I am interested in further information in relation to consent to let home loans, potentially switching our existing mortgage with Investec across to a consent to let one.
- I got a homeowner mortgage with Investec. I bought the property in March last year. What are the options and criteria for consent to let.
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Important warnings to consider in supplemental the above Investec consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Investec