Need Help?
Need professional advice for your consent to let with Landbay Partners Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Landbay Partners consent to lease
- I previously got consent to let from Landbay Partners in 2013 but never used it and have since refinanced with another mortgage provider. I recently sought for consent to let. I was informed that it would be given since I met the criteria. However I received a communication advising me that I need to provide a letter from the DWP evidencing that that are aware of my current situation before they can issue consent. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- The plan is to move in with my partner and I have let my property out to 2 students on a twelve month AST. I am now applying for consent to let from Landbay Partners but what if they decline. I can’t rescind on my contract in terms of not renting the students as they have all signed up. On the flip-side Landbay Partners could take action for contravention of mortgage condition i.e. renting it out without consent to let.
- Am I obliged to notify Landbay Partners of my plan to rent a shed out on the grounds of my property. Can you shed any light on this? I am seeking separate advice on the insurance, legal and tax side of things .
- I got a standard mortgage with Landbay Partners last September and then had to relocate due to my job, I am now considering letting my property out for six months whilst I am abroad. Am I able to get a consent to let from Landbay Partners, and what effect would this have?
- I was just enquiring if Landbay Partners were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I have a mortgage with Landbay Partners and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. What are my consent to let options currently?
- I have a domestic mortgage with Landbay Partners which is only 7 weeks in but I have been moved abroad with work. Is it possible to get consent to let from Landbay Partners for a mortgage that has only recently commenced and I have just bought the property?
- Please could you clarify what the process would be if we move to a new property and need to apply for consent to let for our existing mortgage with Landbay Partners
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Landbay Partners consent to let Info
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
Omitting 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
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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landbay Partners