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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.
Top Five Questions relating to Landmark Mortgages consent to lease
- A colleague recently sought CTL from the Woolwich which they declined citing that the mortgage had not been in place for even half a year. I am about to ask for consent to let from Landmark Mortgages. Do they have the same rule?
- My partner and I may have to lease his studio flat out. I realise that I need a consent to let by Landmark Mortgages. We plan to join a landlord association if we decide to let the flat, but which of the two should we join? We've seen the RLA and National Landlords Association.
- How many months after getting a new mortgage do I have to wait before I can seek consent to let from Landmark Mortgages? To give some background I bought my apartment in Greenwich nearly two years ago and am currently on a fixed term for 3 years. I subsequently met my partner and plan to move in to his place. I intend to get another fixed term next December. I presume that I would have to wait at least six months before I could seek consent to let. Is that right?
- I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our one bedroom apartment in Ealing we currently live in to rent out. Mortgage on the flat is with Landmark Mortgages. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- This is not a question specific to Landmark Mortgages but do lenders usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- How easy is it to get a consent to let from Landmark Mortgages and what are the fees? If I want to let out my property for three months how easy is it to fluctuate between a normal mortgage and consent to let?
- If I were to apply for consent to let from Landmark Mortgages how much time does it take to get consent to let after you apply to Landmark Mortgages. ?
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage lender Landmark Mortgages. Does it make a difference that I only drew down on the mortgage four months ago?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Landmark Mortgages consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Landmark Mortgages your property may be repossessed