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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.
Questions and Answers: LendInvest consent to let
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Will LendInvest choose to operate a right to increase interest rates on a residential mortgage where the lender has granted Consent to Let at any time, onto ‘rates akin to their Buy to Let products'?
- For a variety of reasons I am planning to move in with my girlfriend next summer and I have let my property out to two students on a twelve month AST. I am now applying for consent to let from LendInvest but what if they decline. I can’t renege on my contract in terms of backing out of renting the students as the paperwork is finalised. On the flip-side LendInvest could sue me for contravention of contract i.e. letting it out in the absence of consent to let.
- I would appreciate some feedback as to whether consent to let from LendInvest is the right strategy for me. I acquired my property last January by porting a LendInvest mortgage product. My fixed rate ran out two months ago I'm weighing up moving in with a new partner. I would prefer not to sell my house yet because I have no idea as to whether the new move will work out. Would it be likely that LendInvest would grant a consent to let based on me letting out my property on a an AST for 1-2 years and then I will commit to a buy to let product or sell it?
- I have been leasing my flat to a tenant for three years but not on a buy to let mortgage because I naively considered that you only needed a buy to let if you had more than one property. In trying to acquire a second property, I found that I should have had consent to let all along from my mortgage provider LendInvest. I'm curious as to whether I can now seek consent to let from LendInvest?
- I was just wondering if LendInvest would grant consent to let and what kind of charges, penalties and rate increase etc
- Do you know whether LendInvest will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would LendInvest let me raise capital based on the rental income ?
- My husband and I took out a mortgage with LendInvest a few months ago and although it's still early days we may have to relocate around next Summer and would like to be able to rent our flat out. Would this be possible with a non-commercial mortgage?
- Do LendInvest give consent to let? I am just considering this as an option if I move house in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above LendInvest consent to let Questions and Answers
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
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
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 restrictions are not strictly observed you may be in violation 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 record their consent in writing.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed