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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 am planning to email my lender Landmark Mortgages justifying the following reasoning for my request for consent to let ; "I am struggling paying the mortgage and wish to move to a smaller place but can't sell. I wish to avoid failing to make payments and have thought about giving back the keys. If I had consent to let that may solve things." What are the chances that this will convince them to grant me consent to let?
- At the moment I am tied into a tenancy agreement until September and am buying an apartment. Would my mortgage provider Landmark Mortgages object to granting consent to let until my tenancy ends and then moving in?
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We have an existing mortgage with Landmark Mortgages and wish to clarify if it would be possible to obtain consent to let out our garden flat in Barnet.
The reasons(s) for needing to find tenants for the property are are due to: -
- My family and I will be moving to Melbourne in 3 months.
- By letting out the house this will facilitate savings to help the migration process.
- It would be pointless from a financial point of view to pay outright for a property which we are no longer residing in and by letting out the place this would be considered as an ongoing investment.
If Landmark Mortgages agreed that we are able to proceed with renting we would propose some financial assurances which are as follows: -
- Continue to pay the monthly mortgage payment by standing order.
- Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our contact details for when we emigrate.
- How many months after getting a new mortgage do I have to wait before I can seek consent to let from Landmark Mortgages? To give some history I purchased my flat in Wandsworth nearly two years ago and am currently on a three year fixed rate. Not long after I met a guy and plan to move in to his place. I intend to get another fixed term next October. I assume that I would have to hold off for at least half a year before I could seek consent to let. Is that correct?
- What is the longest period that Landmark Mortgages is willing to issue Consent To Let for?
- If I were to apply for consent to let from Landmark Mortgages please can I know the time scale Landmark Mortgages would take to make a decision?
- I am currently refinancing and exploring the flexibility of certain mortgage providers when it comes to consent to let. Landmark Mortgages is one of the mortgage companies I am considering. How accommodating are they when it comes to consent to let?
- I got a residential homeloan with Landmark Mortgages. I acquired the property in December two years ago. How difficult will it be to get consent to let.
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General Advice to read in in addition to the above Landmark Mortgages consent to let Advice
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
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 notify 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
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 terms are not adhered to you may be in violation of your covenants under 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landmark Mortgages