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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.
Recently asked questions relating to Landbay Partners consent to lease
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Landbay Partners on a residential mortgage for the previous three years. Landbay Partners have just written retracting their consent to let if we do not switch to one of their "buy to let" loans.
- What information do Landbay Partners need to have to make a decision on consent to let. I have a three year fix with them. I have always paid the mortgage on time. I am planning a move to Newham owing to surprising growth of family. My financial situation has not deteriorated and in fact my annual income has increased by 20% since the mortgage started.
- Please explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It is on the market and I am struggling to sell. This is probably due to an longstanding dispute with the family next door. I have had to mention it on the disclosure sheet. Mortgage is with Landbay Partners on a fixed rate. Someone mentioned I should seek consent to let via Landbay Partners and lease the flat for a couple of years.
- 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 Landbay Partners but will they give me consent straight away?
- How do I go about getting a consent to let application form from Landbay Partners and how quickly can I get the consent?
- My wife and I want to move home and have identified a house we wish to purchase so are considering letting out with consent to let from Landbay Partners for our current property to allow us to make an offer and not miss out on the potential new property.
- We have a mortgage with Landbay Partners and would be thinking about buying another main residence and then subsequently renting our current home out. Would I require consent to let from Landbay Partners?
- I want to get consent to let from Landbay Partners for two years until I can move onto a buy to let. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Landbay Partners consent to let information
Tax and Legal
There may be various 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Failure to advise 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 Landbay Partners your property may be repossessed