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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.
Landmark Mortgages consent to let: Q and A’s
- I have a shared ownership home in Croydon and will be looking to buy out the rest of the property. However, within the next six months I may be working in Kenya for a short period of time so would like to know what approach Landmark Mortgages take to consent to let as I am considering a remortgage with them. I am by no means sure that they will lend on my property but in the meantime can you provide further advice on their consent to let criteria?
- I have a Landmark Mortgages home loan and am looking to obtain consent to let as I wish to move to another apartment belongings to me. It would appear that you can help. How do your fees work for this service?
- I have recently rented out my one bedroom apartment and have gained a Consent to Let with my mortgage provider. 6 months have now gone by and they have upped my interest rate as forewarned. I am unwilling to swap to a preferable product with them, as they will revoke my consent to let. Were I to go with another provider for instance Landmark Mortgages, would I be required to get a Buy To Let loan or could I simply remortgage and ask for further consent to let?
- My flat has a mortgage against it with Landmark Mortgages and I have been letting out the property minus consent to let, making me in breach of my mortgage contract. I think I have come onto their radar that I am not residing there. What are the legal ramifications of my actions?
- How much of my mortgage allowance will be made available to borrow if I switch my mortgage to a consent to let with Landmark Mortgages?
- I would be interested to know what information I should include in a letter requesting consent to let my property in Westminster? I would like to send a request to my lender Landmark Mortgages.
- My husband and I took out a mortgage with Landmark Mortgages a few months ago and although it's only a possibility we may have to relocate around next Spring and would like to be able to let our house out. Would this be possible with a non- buy to let mortgage?
- I have a mortgage with Landmark Mortgages and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Landmark Mortgages 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Landmark Mortgages your property may be repossessed