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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.
Frequently asked questions relating to Landmark Mortgages consent to lease
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What is the most extreme action Landmark Mortgages can take if I have Sublet my flat without consent to let?
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Are any options available to me if my request to obtain consent to lease is subsequently refused by Landmark Mortgages?
- I have a home loan with Landmark Mortgages on a property and I intend to let it out and rent another house as a result of changes in personal circumstances - I want to move to a new area, and to live in a bigger house with my partner. I sought consent to let and recently got a response refusing as they considered that I want to invest. I as at a loss as to what my options are. I am now at risk since I already have rented a new property and would have to pay both the Landmark Mortgages mortgage and rent, which could expose me financially. The matter is urgent as a potential tenant at the ready
- How many months do I have to live in the property before applying for consent to let from Landmark Mortgages? I bought my flat with a Landmark Mortgages mortgage 9months ago.
- Were I to let my property with consent to let from Landmark Mortgages will there be any rate difference? I am currently on a standard variable rate.
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Landmark Mortgages would grant consent to let from day one?
- I am thinking of moving in with my boyfriend at his home and would like to rent out my property that I acquired last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from Landmark Mortgages If I obtain consent will my mortgage payments go up?
- Is there a fixed or maximum term how long I could let my home out to a family member with consent to let from Landmark Mortgages. I no longer want to live in the area and want to buy a new home?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Landmark Mortgages 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 could result in your insurance becoming null and void. 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 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 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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Landmark Mortgages your property may be repossessed