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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.
LendInvest consent to let: Q and A’s
- At the moment I have a mortgage with LendInvest and I am planning buying a property with my fiance. It's her council house on a right to buy scheme. Will I be able to switch my LendInvest mortgage to rent out my existing property in Hounslow even though the property is currently in negative equity.
- My brother and his fiance currently lodge with me at my apartment. Next Summer I would like to move out of the property and in with my GF. How likely is it that I will be able to get consent to let from LendInvest after only having the mortgage for less than half a year?
- My mortgage is with LendInvest and wonder if I am duty bound to disclose if we no longer live in the property. I fear that they could bump up the interest rate if we move and find a tenant but it's not very clear what the change would be. Should I decide to rent my house out and seek consent to let how would the payments go up?
- How long after taking out a new mortgage will a consent to let be likely to be given by LendInvest? By way of background I purchased my property in Hounslow nearly two years ago and am currently on a three year fixed rate. I since met a guy and plan to move in to his place. I am planning to get a better fixed term next December. I assume that I would have to wait at least half a year before I could seek consent to let. Is that correct?
- I am looking at new mortgages and also thinking of renting the property in the future - Is there a fee with LendInvest to receive consent to let and what are the criteria?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with LendInvest. My property is worth approx £250k and owe £85k on it. Do you think LendInvest increase my interest rate?
- Seven weeks ago I completed my mortgage with LendInvest since when my boyfriend has proposed and we are deciding whether to live in his house or my property. Would I be granted consent to let if I were to move in with him
- We need to contact LendInvest to enquire about letting out my house. Do they send a form to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above LendInvest consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
If you do not keep up the payments on your mortgage with LendInvest your property may be repossessed