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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.
Questions and Answers: Landmark Mortgages consent to let
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Do I need consent to let from Landmark Mortgages or can I lease out my property without telling Landmark Mortgages and having to transfer to a B2L loan?
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A friend of mine suggested that this winter I rent out my apartment and generate some income whilst on holiday. I only plan to be away for a fortnight. Is advanced consent to let from Landmark Mortgages required?
- Hi, I have consent to let my property with Landmark Mortgages and am now looking to give my tenant 2 months notice as I want to sell the property. I am worried about the property being vacant when the tenant goes and finding a buyer. Not once have I defaulted on the account, would it be possible to take payment holidays until sold?
- My house had been let to students for three years from 2009-2012 while living in New York. I have a letter dated May 2010 from the building society granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was issued. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender Landmark Mortgages for the property I wish to purchase.Can this be right
- If I am tied into a fixed rate with Landmark Mortgages but am thinking of letting out my property, is there a charge for consent to let from Landmark Mortgages and does the interest rate change?
- I am trying to find out if Landmark Mortgages will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I currently have a residential mortgage with Landmark Mortgages and plan on letting due to work being based in London. In seeking consent to let from Landmark Mortgages do I run the risk of them forcing me to change deal to BTL
- Me and my husband may have to lease our home temporarily due to a new job. This will be for a limited period but perhaps for threeyears. Should I tell Landmark Mortgages or do I keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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 standard 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with Landmark Mortgages your property may be repossessed