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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.
Frequently asked questions relating to Banks and Clients consent to lease
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We bought a house in 2011 for £147,000 with Banks and Clients. I got married to someone in the RAF so moved in to married quarters in Belgium and appreciate that I have to request consent to let from Banks and Clients. Do you have any experience of consent to lease from Banks and Clients?
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I was thinking of renting out my apartment and make money from it while I am on holiday. It’s only for a month. Do I need consent to let from Banks and Clients?
- I have just received a mortgage offer with Banks and Clients. I anticipate that I will complete in the next few weeks, however I may potentially be moved overseas for work. How likely is it for me to receive consent to let from Banks and Clients within a few months of completing. Do I have any other options?
- I have an annex that my father has vacated. As my property is large I was thinking to move into the annex and rent the remainder out. This is also due to change in my personal situation. Would I require consent to let from Banks and Clients?
- I’ve already let but only just realised Banks and Clients should've been informed and consent to let applied for - can consent be obtained retrospectively?
- We are interested in understanding the Banks and Clients consent to let procedure and conditions for granting.
- I am trying to find out Banks and Clients fees for conversion to consent to let from a fixed rate residential mortgage?
- Do you have the address to which a Consent to Let request to be sent for Banks and Clients? Sorry about bothering you with this query.
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 Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Banks and Clients 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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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