Need Help?
Need professional advice for your consent to let with LendInvest? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to LendInvest consent to let
- My plan is to move home. My question is whether consent to let will be given on my property for me to subsequently obtain a mortgage for the new house so I can effectively bid without being part of a chain and subsequently rent my property out should I move. Does LendInvest issue consent to let for six months? If so, and the rental goes well can the consent to let time frame be prolonged further?
- My partner and I acquired a apartment in Sunderland and will be moving to Cornwall at the end of February. I have a letting agency and tenant now. I was planning to keep quiet as I'm worried LendInvest will insist that I change my mortgage rate for buy to let which is not financially feasible. I would like to gain a consent to let via LendInvest but am afraid if I open Pandora's box it would result in a whole host of problems
- My husband phoned LendInvest on last week concerning consent to let. He is expecting a returned call. We have put an offer in on a property that has been accepted in principle so we need to know how likely it is that we will obtain consent to let with LendInvest?
- I am in the armed forces and intending to acquire a property with a LendInvest mortgage. I would like to be given consent to let the house to my mother and father in law. In the future I plan to reside in the property myself when my military career finishes. Is this feasible?
- How likely is it that I can keep my current domestic mortgage with LendInvest if I start renting out? If the consent to let is granted will they load the interest rate?
- I wishing to obtain consent to let for my house as I am moving out for four months currently fixed LendInvest mortgage with three years which is due on June next year.
- I would like to rent out my home for two years max. I would like to know if I could have a consent to let from my existing mortgage lender LendInvest?
- I would like some advice on how best to approach my mortgage provider LendInvest regarding a 'Consent-to-Let' application. Is this a task you can help with ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above LendInvest consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with LendInvest 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 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed