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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
- We currently have a three year fixed rate home loan with Landmark Mortgages that we're approximately eleven months into. Our circumstances have now changed and we would like to let out our house for a year and whilst we relocate to Newham. What can we do to mitigate the possibility of Landmark Mortgages rejecting consent to let.
- Me and my brother are joint proprietors of a property in Redbridge with a Landmark Mortgages mortgage. I am looking to move out and buy a new property with my fiancee. How should I deal with sub-letting my room? Would I need consent to let from Landmark Mortgages. My brother will stay in the apartment
- My house had been let to students for three years between 2010-2013 while working overseas. I have a letter dated January 2010 from the lender granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced 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 acceptable to the new lender Landmark Mortgages for the house I intend to purchase.Can this be correct
- I purchased my one bed flat in Tower Hamlets last September and have a two year fixed rate mortgage with Landmark Mortgages. Looking to move in with my partner next month and wish to lease out my property. Just want to know the process.
- Are you able to help? I am just enquiring if Landmark Mortgages offer consent to let as an option if I decided to rent out my home under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- We have a mortgage with Landmark Mortgages at present and just wondering whether Landmark Mortgages currently allows consent to let
- I have a mortgage with Landmark Mortgages. I am considering moving out and letting out my flat. Do I need a consent to let ?
- Will Landmark Mortgages grant consent to let my apartment? I currently have a residential mortgage, never had arrears and have been with Landmark Mortgages for just over since 2009. What costs am I likely to incur
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Important warnings to consider in conjunction with 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landmark Mortgages