Need Help?
Need professional advice for your consent to let with Landbay? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Landbay consent to lease
- I am buying a maisonette in Wandsworth. My intention is to live there for under a year, and subsequently move into a bigger apartment. Rather than sell the first flat I'd like to rent it out so that it form part of an investment portfolio. Do you know if Landbay would issue consent to let after half a year?
- Current flat valued at £97,000. Landbay mortgage owing £18k with 8 years to run. Seek consent to let via Landbay for current flat and use rent to pay off what is left of the loan. Take out sixty % Landbay loan on further premises that I will consider to be my primary address? Can this be done?
- After 17 years in Manchester, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to remortgage with Landbay. In the relocation destination, we are be looking at a 3-bed house around the £250k mark. Ideally, we would like to keep hold of my existing flat. Could I ask for Consent to Let from the proposed new mortgage provider Landbay. If granted what are the likely conditions?
- I have been leasing my flat to a tenant for a few years but not on a BTL mortgage as I naively considered that you only required a BTL if you had more than one mortgage. In trying to buy a further property, I discovered that I should have obtained consent to let at the outset from my mortgage provider Landbay. I'm curious as to whether I can now seek consent to let from Landbay?
- Landbay domestic mortgage. Will they issue consent to let a house for a couple of years? I plan to return as a resident.
- I would like to rent the attic in my house in Hounslow. Do I need consent to let from my lender Landbay?
- I'm about to change mortgage provider to Landbay for a fixed rate but the likelihood is that I would need to rent the house out for approximately 12 months. Do Landbay consent to let on fixed rate home loans and if so, what are the procedures.
- Can I remortgage with Landbay with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Landbay 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
One thing to remember when arranging a consent to let mortgage with Landbay 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
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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Landbay your property may be repossessed