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.
Common questions relating to LendInvest consent to lease
- I have just received a mortgage offer with LendInvest. I am hoping to get keys in the next few weeks, however I may potentially be moved abroad for work. Would it be possible for me to obtain consent to let from LendInvest shortly after completing. Do I have any other options?
- Last month I received consent to let on a domestic homeloan with LendInvest with a view to transferring to a BTL rate when the fixed term ends in a few months' time, so I'm not sure if this adds to the complexity of the issue! Any insight gladly appreciated.
- I have found myself in the accidental landlord category and without consent to let from LendInvest. I had to leave my home for career reasons, so now live in another part of the country. At first I tried to sell the flat, but prices were depressed, resulting in negative equity. This was four years ago in 2012, which has since seen the property price increase and has allowed me time to accumulate savings. I am in now in a position where I can now transfer to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert LendInvest that I have been letting without consent to let? I am aware that I shouldn’t have done this, but circumstances meant it was the only thing I could do to keep my head above water. Can I change to a BTL without LendInvest knowing what I’ve done?
- Last July I moved out my house in a hurry and rented out the property. I know I needed consent to let from LendInvest but was uncertain as to what my plans were and I simply forgot about it. I find myself in a situation where I want to sell that house and transfer the LendInvest home loan to a new house. I can't see a way through without leaving myself at the mercy of LendInvest for failing to obtain consent to let. When switching, at the time of selling, you must say you intend to "park the rate" and endure a new set of affordability checks. While I have no issues with affordability, the credit check may show I don't live there any more.
- I am considering moving overseas for work and would like consent to let from LendInvest whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to LendInvest? Letting the property isn't to make money but to retain the house in case things don't turn out as well as we hope
- I have a mortgage with LendInvest on a 2 year fixed rate. I could have chance of a teaching job in Belgium in 6 months time. Am I eligible for consent to let by LendInvest were I to accept this job overseas?
- I am hoping to fix my homeowner mortgage with LendInvest but as a result of my job I will probably have to go abroad for few years. Will LendInvest allow and grant consent to let and there be any penalty
- I have a mortgage with LendInvest but would like to rent my house out and move in with my GF and baby what is required to obtain consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with LendInvest