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
- What information do LendInvest need to have to make a decision on consent to let. I have a three year fix with them. I have always been on time with my monthly payments. I am planning a move to the countryside due to the family getting bigger. I will be staying with my current job and my annual income has gone up 20% since I took the mortgage out.
- Is it possible to rent out our house minus consent to let from our mortgage provider? I appreciate that initially we signed a contract saying it wouldn't be a buy to let property and that we don't own other property. I know you can't use help to buy if you owned other premises at the time, but what about property after the event? Can one acquire a further property, or inherit a property?
- Do you know if an ERC would qualify as an allowable expense to be offset against tax for a BTL property? Last year I was thinking of applying for consent to let from LendInvest on my flat but I ended up changing mortgage provider to get a BTL mortgage. I had to pay an early redemption charge as I was still in a fixed rate period.
- I acquired my one bed flat in Islington last September and have a 2 year fixed rate mortgage with LendInvest. Looking to move in with my partner imminently and would like to lease out my property. Just want to know the process.
- I have a LendInvest home loan currently and may wish to let it out temporarily with consent from LendInvest for (1 year). How long do you have to wait until you apply for consent to let??
- I currently have a mortgage with LendInvest that I would like to transfer to a consent to let as we have found another property we are looking to buy. How do I apply for consent to let from LendInvest and what are the steps within the process?
- We have a fixed rate mortgage with LendInvest and are considering obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Before we apply it would be helpful to know the connotations of making the change and any facts that we need to consider.
- I am currently in the process of applying for a mortgage through LendInvest - There is a chance that in the coming months I may decide to rent the property out - how would I swap the FTB mortgage to a BTL mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further 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
If 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 inform them could trigger 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
If your property is 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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