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Need professional advice for your consent to let with Landmark Mortgages Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Landmark Mortgages consent to let: Q and A’s
- I am looking to get a consent to let from Landmark Mortgages as my personal situation has changed. My stepdaughter started college and I felt we would move nearby and decided to purchase a house as opposed to spend the money on renting. After having bought the house I have fallen out with my step daughter and she won't live there. Since the whole idea was for her and the house location is not particularly ideal for my work I would like to leave and let the property
- I have been reckless in failing to advise Landmark Mortgages that I’m leasing my house out. Ideally I would like to do the right thing with as little adverse implication as possible. If Landmark Mortgages says yes, how would you rate the chances of them knowing historically that the property was let without consent?
- I was just looking for guidance on whether I will be allowed to change a standard mortgage with Landmark Mortgages to a consent to let. It will be less than 70% loan to value and it would change from repayment to an interest only loan?
- I would like the consent to let forms for Landmark Mortgages please I couldn't find it on the net.
- My OH and I are interested in discovering more about the Landmark Mortgages consent to let process and conditions for granting.
- I want to consider the option of letting out my apartment with consent to let from Landmark Mortgages whist away travelling for six months
- How likely is it that Landmark Mortgages force me into a consent to let product whilst in a fixed rate product for 2 years?
- We are considering a remortgage offer with Landmark Mortgages and it's a strong possibility that I will need take advantage of any consent to let option if available at some point in the fixed period. Are there any charges I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Landmark Mortgages 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
Failure 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 lease may prohibit 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 the lease. This could trigger 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 Landmark Mortgages