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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.
Common questions relating to Vida Homeloans consent to lease
- In the coming months I would like to move house and I am enquiring if I can get consent to let on my house then get a mortgage approval for the new house so I can put in an offer thus being chain free and then rent my property out when I move. Will my lender Vida Homeloans grant consent to let for six months if they know I am wanting to buy a further property or only if I am moving temporarily with work?
- Hi, I have consent to let my house with Vida Homeloans and am about to give my tenant 2 months notice as I intend to sell the property. I am concerned about the property being vacant once the tenant goes and finding a buyer. I have never defaulted on the account, would it be possible to take payment breaks pending the sale of the property?
- I sought consent but I did not get it as I did a remortgage in May but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. On the other hand I can remortgage with Vida Homeloans but will they give me consent straight away?
- We are planning on acquiring a house, renting two of the bedrooms out in order to cover the mortgage with Vida Homeloans, and then moving on in a few years time - when the property would be fully rented. Is it likely that Vida Homeloans would frown upon this as I will have been issued with a owner-occupier homeloan rather than a B2L or consent to let? I've heard that in extreme situations they can repossess the property, is this right?
- If I am tied into a fixed rate with Vida Homeloans but am deliberating on letting out my property, is there a fee for consent to let from Vida Homeloans and does the interest rate change?
- Please can you tell me the circumstances under which Vida Homeloans would decline a consent to let application?
- Me and my wife and I would like to obtain consent to let on a house where we have a mortgage with Vida Homeloans. If issued, how long would consent be given for? In seeking consent to let from Vida Homeloans are we running the risk of them forcing us to change deal to B2L
- Just a quick one. Will Vida Homeloans force me into a consent to let product while I'm in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
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 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Vida Homeloans