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
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Having endured living in a rough area for 3 years now, we are keen to relocate. As selling the property will involve early repayment charges to Landmark Mortgages of £3500, we considered that it would be sensible to let it out. In the circumstances we need consent to lease from Landmark Mortgages only 12 months. What can I do to get consent?
- I have let out my garden flat in Barnet for the last two years, and I had not appreciated that I had to get consent to let. I would like to do things properly. Would this be an issue?
- If a property owner chooses to rent out their property without consent to let via Landmark Mortgages - what, if any implication might there be for an agent acting on their behalf?
- Is it possible that lenders (my home loan is with Landmark Mortgages) have changed tune and are now taking a more accommodating approach towards consent to let? A broker recently told me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. So if I switch from a owner-occupier to a Buy to let I am moving to a regulated product. He suggested that under the current regulation banks are reluctant to allow customers do this, which may explain why some lenders will permit borrowers have consent to let but not move to a BTL mortgage. Is he plausible?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Landmark Mortgages? Can you help?
- I want to take in in a lodger for my studio flat in Havering which I live in. My mortgage is with Landmark Mortgages. Will they grant consent to let?
- Do you know whether there a time limit on a consent to let from Landmark Mortgages? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- Are you able to advise me how much the fees are and if Landmark Mortgages typically grant consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to 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
One thing to remember when arranging a consent to let mortgage with Landmark Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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