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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.
Top Five Questions relating to Landmark Mortgages consent to lease
- I have a Landmark Mortgages mortgage on an apartment I own, in Brent. Last month, due to a change in personal circumstances I decided to rent out the apartment, and rent a house in a different area within same loc. The personal situation that altered is that I started living with my partner, and the flat is not big enough for us. I would rather not dispose of the flat because the current market value is significantly lower than the market value when I purchased the property in 2004. I wrote to Landmark Mortgages for a consent to let which was refused as they felt that I wanted to invest in the flat. Any insight would be greatly appreciated, as this is really stressing me out. The matter is urgentas I have a prospective tenant waiting for this consent to let and could look elsewhere.Please call me to discuss
- I have a studio flat in Merton let out which has a 62 year lease. Mortgage adviser suggested I should remortgage (currently with Landmark Mortgages) as a buy to let rather than consent to let and release 55-60k which on top of a new homeloan based on income multiples would give me a budget of £200k. Not much about in Hounslow for me to get my own place. To extend the lease will be approximately 21k. Should I keep or sell the flat?
- The plan is to move in with my partner and I have let my property out to 2 tenants on a twelve month AST. The application for consent to let from Landmark Mortgages is in hand but what if they refuse. I can’t rescind on my contract in terms of backing out of renting the students as the paperwork is finalised. On the other hand Landmark Mortgages could take action for breach of contract i.e. letting it out in the absence of consent to let.
- I am looking for our family to move to give us all more space. We are thinking about buying another house next year. Our house is estimated to be worth £155,00 and we have about £55k remaining on the Landmark Mortgages mortgage. We would prefer to keep this house if possible and let it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- My circumstances have changed, and I wish to lease my place out - meaning consent to let- I have approx £175K loan with Landmark Mortgages and currently 85k equity I need to avoid the early repayment fees.
- My Landmark Mortgages mortgage rate finishes next September can I move to a interest only with consent to let?
- I want to purchase a new house but can't afford to sell the existing flat with a Landmark Mortgages mortgage. Do you know the criteria for Landmark Mortgages to issue consent to let? Is getting married and having kids a good enough reason to to ask for consent to let?
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a homeowner mortgage with Landmark Mortgages
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Landmark Mortgages 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
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 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action 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