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Need professional advice for your consent to let with Banks and Clients plc? 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 Banks and Clients consent to lease
- I'm just looking here for a a colleague as he’s at work who has a mortgage with Banks and Clients. He wanted to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job 200 miles away away for 2 years and was thinking about leasing the place out while he is away.
- I am currently looking to purchase my first home however, working as a consultant. I I would like to find a lender that will permit short term letting with a residential mortgage so that I could let the property for 6-9 months with long periods of absence without being forced into a BTL product. Are you able to advise me on how lenders would perceive this and in particular the approach taken by Banks and Clients.
- My husband and I are looking to let our ground floor flat out. We have put an offer on another property for us to buy and a tenant at the ready to move into ours. I believe I have to ask our mortgage company Banks and Clients for consent to let. I wonder if there is a standard consent to let request letter I can use?
- I have been serving in the Royal Navy for five years and planning to buy a home with a Banks and Clients mortgage. I would like to obtain consent to let the house to my sister. In the future I would reside in the property with my family when my military career comes to an end. Will I need to apply to my Commanding Officer to request permission to rent it out?
- I am looking to Banks and Clients to issue me with consent to let out my flat in Bexley. I am moving to Holland for Six months on a secondment.
- We are looking to place my house on rent due to job commitments and was wondering if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Banks and Clients until 2018 October
- I am already leasing out my flat but may have been sussed out. I have 5 months left on my fixed rate. How easy is it to get consent to let from Banks and Clients. Is it just a five minute phone call, pay the fee and that's it?
- Is there a time limit on a consent to let from Banks and Clients? 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?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Banks and Clients consent to let Info
Tax and Legal
There are numerous potential 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
Where 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 trigger 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to 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 inform 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.
If you do not keep up the payments on your mortgage with Banks and Clients your property may be repossessed