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Need professional advice for your consent to let with Banks and Clients plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Banks and Clients plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My partner and I may need to let our Bexley home temporarily due to a career opportunity. This will be temporary but perhaps for five years. Should I tell Banks and Clients or do I not rock the boat?
I am about to join the property ladder interested in a terraced house in Banks and Clients. I have a 50% deposit will be getting a mortgage from Banks and Clients. My predicament is that my girlfriend has a flat in Maida Vale and I anticipate moving in next year, at which point I would want to let out my property. I have heard of consent to let but it does not sound like a positive outcome is assured. Is there any advice you can impart?
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.
Failure 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
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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
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.