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Need professional advice for your consent to let with Landbay Partners Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Landbay Partners consent to lease
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I work for letting specialists in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender Landbay Partners. Why would they ask for this
- My fiance had a conversation with someone at Landbay Partners on Friday concerning consent to let. We are awaiting a returned call. We have placed an offer in on a two bed flat that has been accepted in principle so would like to know how likely it is that we will receive consent to let with Landbay Partners?
- Me and my husband are in a tricky mortgage scenario in the last 2-3 month. We have to rent our house with consent to let and move to a different location to be nearer to our daughter’s college. We now rent a house. We are finding it really difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- How many months after getting a new mortgage will a consent to let be likely to be granted by Landbay Partners? By way of history I bought my flat in Lambeth nearly two years ago and am currently on a three year fixed rate. Not long after I met my partner and plan to move in to his place. I intend to get a better fixed term next October. I assume that I would have to wait at least half a year before I could seek consent to let. Is that right?
- Do you know if Landbay Partners would have an internal record as to whether consent to let was granted for a specific property?
- We would like to obtain consent to let on a house where we have a mortgage with Landbay Partners. If issued, how long would consent be given for? In seeking consent to let from Landbay Partners are we running the risk of them forcing us to change deal to BTL
- Is consent to let required from Landbay Partners if I am intending to live in the property myself for part of the year? Furthermore if I gain consent to let for a period of time, say up to twelve months, what happens after that.
- I have fixed rate mortgage with Landbay Partners. I am going have to rent out my house due to necessity. Were I to seek consent to let, will I have to pay a lot more interest?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Landbay Partners 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
One thing to remember when arranging a consent to let mortgage with Landbay Partners is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 lease may prohibit 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landbay Partners