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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.
Questions and Answers: Landbay Partners consent to let
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I have a normal mortgage over my residence in loc with the intention of moving overseas to country for three years. During this time it makes financial sense to let out my house. My lender is withholding consent to let. I wish to avoid taking out a buy to let mortgage as it’s only for a limited time-frame that I am going away for.
- I have a colleague who is considering renting their house out and moving in with partner. She has a house in Hounslow and has a £80k home loan with Landbay Partners. What would she need to do to get consent to let if she decides to proceed.
- Are you able to give me a little info on the consent to let process. I am thinking about taking a Landbay Partners mortgage on a £140,000 house in earlynext year. The aim would be to hold the house as a second home but I would like to consider what options there are to let the property in the future. If our circumstances were to change the property would either be sold or rented.
- I have a shared ownership property in Merton and will be looking to buy out the rest of the property. However, within the next six months I may be working in Kenya for a short period of time so would like to know what approach Landbay Partners take to consent to let as I am considering a remortgage with them. I am by no means sure that they will lend on my property but in the meantime can you provide further information on their consent to let criteria?
- I currently have a mortgage with Landbay Partners that I would like to transfer to a consent to let as we have found another property we are looking to buy. How do I go about being given consent to let from Landbay Partners?
- I wish to let out the attic in my house in Lewisham. Do I require consent to let from my lender Landbay Partners?
- I am thinking about letting out my property via a consent to let from Landbay Partners, what charges can I expect to pay?
- I am currently remortgaging and looking at flexibility of certain lenders when it comes to consent to let. Landbay Partners is one of the lenders I am thinking of going with. How accommodating are they when it comes to consent to let?
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Important warnings to consider in supplemental the above Landbay Partners consent to let Questions and Answers
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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