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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
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I have a residential mortgage over my residence in loc and am due to relocate to country for three years. During this period I want to lease out my flat. My lender refuses to issue a consent to let. I wish to avoid taking out a buy to let mortgage as it’s only for a limited time-frame that I am going away for.
- Last month I was provided with a work opportunity abroad and wondering if it's worth leasing my house out. Will Investec allow me to switch mortgage or grant consent to let? If not I will have to consider if I should accept the job. I have no objection to paying more as I intend to return and move into my home after 1 to 3 years. My agenda here is not to profit. Just love my property and wish to return to it at some point in the future.
- Me and my partner may be presented with an opportunity to work in a different office in the UK for a couple of months and would like to know if we can lease out our current flat. It is a 2 year fixed rate and we are four months into the mortgage with Investec. We have lived at the property for nearly 3.5 years. The LTV is 80%. What are the chances of obtaining consent to let from Investec? What charges can we expect to pay etc
- My fiance and I might have to let out her apartment, and I have a query regarding obtaining authority to do so. I know I need to inform Investec and get a consent to let or change to a BTL mortgage. But the property is leasehold, so do we need consent to let from the residents association?
- I have a mortgage with Investec on a 2 year fixed rate. I may have an opportunity for a teaching job overseas in twelve months time. Would I qualify for consent to let by Investec if I took this opportunity abroad?
- Do you know if Investec would have an internal record as to whether consent to let was granted for a specific property?
- I am a Investec borrower. I would like to apply for consent to let my property. I have been waiting for a response from Investec. Could you please check and help?
- I'm considering a remortgage offer with Investec and it's likely I will require consent to let at some point in the fixed period. Are there any penalties I should consider?
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General Advice to read in further to the above Investec consent to let information
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 may result in 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
Should the tenure of your property be 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
Neglecting 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 Investec your property may be repossessed