Consent to Let Frustrations, please help

robc281274

I own a property which I am unable to sell and because of work commitments have to live elsewhere. I thought a solution was to temporarily let the property whilst the market recovers but my lender (Intelligent Finance) is saying that their consent to let will cost me 0.5% of the outstanding balance every 6 months. This equates to a whopping £1940 per annum which seems absolutely extortionate.

I've temporarily let properties on residential mortages before (with other lenders) and there has typically been a £100-£200 admin fee in order to do this.

I am complete trapped. I cannot sell and from what it seems I cannot let my property either because I cannot afford IF's charge for their consent to let. Does anyone have any suggestions? Re-mortgaging is not an option because I do not have enough equity.

N79

Drop the price. All property sells at the right price.

puddy

as above, sell it

astreix

Most lenders have becoming stricter with consent to let and they are well within their rights to charge you a higher rate/fee or even refuse to give consent.

Article from the ft you might find interesting http://www.ft.com/cms/s/2/e324340a-17fd-11df-91d2-00144feab49a.html

princeofpounds

I'm a tenant who was previously caught out by the failure of a landlord to have consent to let when he was sued and went bust.

It was an incredibly difficult time, not so much because of the eviction, but mainly because no-one will talk to you. The court will not as you are not a party to the case. The old landlord will not as he doesn't care about the place any more. The agent won't as they don't know who the landlord is. The bank won't care as it assumes you don't exist.

So we knew we had to find another place, but we couldn't do that because we didn't know whether we had release from our old contract.

In the end we had to threaten to get exceptionally difficult to get it resolved.

So I guess you might be on here looking for someone to say 'don't worry, just let it out, they will never know'. And it probably works like that in 90% of cases. But I won't for the above reasons.