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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.
Frequently asked questions relating to LendInvest consent to lease
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I have a normal mortgage over my home in loc and intend to move to country for a couple of years. During this period it makes financial sense to let out my apartment. My bank is withholding consent to let. I wish to avoid taking out a buy to let loan as it’s only for a limited time-frame that I am going away for.
- I was wondering if you could please give me some more detail on what the process is for applying for content to let, what do I need to do. I am considering a LendInvest mortgage on a £350,000 property Autumnnext year. The aim would be to hold the house as a second home but I would like to know what options there are to let the property in the future. If our situation was to change the property would either be sold or rented.
- Under what conditions will consent to let for a property be issued via LendInvest? For what period of time do you have to have had the mortgage before consent to let can be negotiated with LendInvest? In order to give you some history:We were living in a very small apartment which is too small for us, my wife is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I am interested in securing consent to let in the first instance to be able to put a tenant in it to offset the costs of the LendInvest mortgage.
- My flat has a mortgage against it with LendInvest and I have been renting the property minus consent to let, making me in contravention of my mortgage terms and condition. I think that they have found out that I am not living there. Is my best option is to dispose of the property before repossession?
- I am looking at moving overseas for work and would like consent to let from LendInvest whilst I am away. Is the way forward to prepare a letter requesting consent to let and mail it to LendInvest? The point of renting the property isn't to make money but to keep the house in case things don't turn out as well as we hope
- I would like consent to let on my Enfield flat from LendInvest. I will be leaving the UK for a year and so want to know if I am able to let my flat
- Is it possible to refinance with LendInvest with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- Please could you shed light what the procedure would be if we move to a new house and need to apply for consent to let for our existing mortgage with LendInvest
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above LendInvest consent to let Questions and Answers
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 regular 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed