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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 acquired a garden flat two years ago with a Banks and Clients mortgage but would like to put my flat up for rent. I want to find a larger property as our kids are growing up and a single room flat is not sufficient - in addition if I rent it out I can save some money. Will Banks and Clients grant consent to let?
- We are a young couple and we found a apartment in Merton that we like and want to take out a mortgage with Banks and Clients. The issue is that I am pregnant and about to give birth any time soon as I am on the last few weeks of pregnancy. This means that it would not be possible for us to move right away so we are considering living with our parents for the next few months. Meanwhile, if we buy this property, we can lease it out. I was just wondering how will that work out? Will we be liable to be given consent to let by Banks and Clients
- I have had a Banks and Clients mortgage for less than a year but I recently found out I am about lose my job. I would appreciate some advice on applying for consent to let from Banks and Clients
- I have a 2 year fixed rate mortgage with Banks and Clients which began in April. I will be moving out in in the coming months and have tenants ready to rent my flat. I need to get a letter from Banks and Clients granting consent to let until my term is up to allow me time to move onto a BTL. What is the process for going about this?
- Last month acquired a 2 bed flat in Newham. I am first time buyer. I am moving Glasgow next month, can I get consent to let from my lender Banks and Clients or do I have to wait six months?
- Is there a fixed or maximum term how long I could rent my home out to a family member with consent to let from Banks and Clients. I no longer want to live in the area and want to buy a new home?
- I would like details of how to go about gaining consent to let from Banks and Clients and what, if any, cost I face.
- I am intending on moving within the next nine months and want to let my flat out. My interest rate is fixed with Banks and Clients. I am concerned that a rate hike would be too much if that was a condition of obtaining consent to let
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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 could trigger your insurance becoming null and void. 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 restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Banks and Clients