Need Help?
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.
Examples of recent questions relating to Landmark Mortgages consent to let
- Me and my brother are joint proprietors of a small apartment in Camden with a Landmark Mortgages mortgage. I am looking to leave and purchase a house with my fiancee. How do I deal with letting out my room? Would I need consent to let via Landmark Mortgages. My brother will continue to live in the property
- As a result of changes in my personal circumstances I intend moving in with my girlfriend this month and I have let my property out to two tenants on a twelve month AST. I am now applying for consent to let from Landmark Mortgages but what if they decline. I can’t renege on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Landmark Mortgages could take me to court for contravention of a condition i.e. renting it out without consent to let.
- I took out a new mortgage with Landmark Mortgages recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a further property for residential purposes and lease the existing property out with consent to let. Is that likely to land me in hot water?
- My mortgage with Landmark Mortgages has been in place for less than a year but I discovered yesterday that I am about be made redundant. I would appreciate some advice on being given consent to let from Landmark Mortgages
- My partner and I were enquiring if it's possible if you own one property with consent to let from Landmark Mortgages, to purchase a second with a residential mortgage to live in. Then once the consent runs out on the first property, to switch to buy to let or sell it?
- I have a mortgage with Landmark Mortgages and am considering letting it for six weeks while on holiday. Will Landmark Mortgages consent to this?
- I took a domestic mortgage with Landmark Mortgages - about 55% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could rent out the house?
- I am currently in the process of applying for a mortgage through Landmark Mortgages - It is possible that in the coming months I may decide to let out the property - how would I change the normal mortgage to a BTL mortgage?
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
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 inform 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 conditions are not complied with 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 inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landmark Mortgages