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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.
Frequently asked questions relating to Landbay Partners consent to lease
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Can you clarify if consent to let obligatory from Landbay Partners or can I lease out my garden flat without telling Landbay Partners and being forced to switch to a B2L loan?
- I would like to see if I can receive consent to let on my current home. I have a mortgage with Landbay Partners but my circumstances have changed. I'm about to move in with my partner and son who have a house and is larger than my 1 bed apartment. I am sure that I will not qualify for a buy to let loan as I don't have money for a deposit nor do I earn more than £25000 per annum.
- I am looking to move and let out my ground floor flat in Haringey. Having bought it in June 2007 and currently on a 90% ltv there is little equity in it. My mortgage is with Landbay Partners. Do you know where Landbay Partners stand on consent to let?
- I have been a mortgage holder with Landbay Partners for 1999. My divorce went through three years ago and bought the ex wife out. My circumstances have changed, I wish to keep my house but move in with my new partner, renting my house out. It has been suggested by my mortgage advisor that I can request consent to let from Landbay Partners instead of a buy to let mortgage as I I did not buy the property with the intention of letting it out, advice please?
- Landbay Partners. Will they grant consent to let a property for 18 months? I reoccupy as a resident.
- I previously took a mortgage with Landbay Partners, but I have to get consent to let for about a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take time off for twelve months (by living near her mum and dad and getting support) in a greener more relaxed part of Manchester.
- I was just wondering if Landbay Partners were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I'm considering a remortgage offer with Landbay Partners and it's likely I will require consent to let at some point in the fixed period. Are there any penalties I should be aware of?
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 Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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