Need Help?
Need professional advice for your consent to let with Vida Homeloans? 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 Vida Homeloans consent to lease
- I am planning to contact my lender Vida Homeloans justifying the following reasoning for me asking for consent to let ; "I am having difficulties paying the monthly mortgage amount and want to move back with my parents but can't sell. I wish to avoid failing to make payments and have thought about returning the property to you. If you issued consent to let that may solve things." What are the chances that this will convince them to grant me consent to let?
- What is the difference between consent to let and changing to a buy to let mortgage? Also is the property subject to Capital Gains Tax if sold?
- I previously got consent to let from Vida Homeloans in 2011 but failed to need it and subsequently refinanced with another bank. I recently sought for consent to let. I was told it would be authorised since their requirements were met. I have now got a communication advising me that I need to provide a letter from the DWP evidencing that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £25 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- Me and my fiance and I I have a owner occupier mortgage with Vida Homeloans but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Vida Homeloans?
- I'd like to know if Vida Homeloans are likely to give consent to us letting out our home in Bexley
- My partner and I wish to let out my house. Do I simply send a letter to Vida Homeloans asking for consent to let out the home?
- Morning? I am just wondering if Vida Homeloans offer consent to let as an option should I decided to rent out my home under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- We have a domestic mortgage with Vida Homeloans and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the connotations of making the change and any facts that we need to consider.
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Caveats to be read in conjunction with the above Vida Homeloans consent to let information
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
Where 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 result in 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
Should the tenure of your property be 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 violation of the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Vida Homeloans