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.
Top Five Questions relating to Landbay Partners consent to lease
- My flat has a mortgage against it with Landbay Partners and I have been letting out the property omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. I think I have come onto their radar that I am not residing there. What are the legal consequences of my actions?
- What is the maximum period of time permitted by Landbay Partners that I would be able to let my property before having to transfer the mortgage or sell my house? Essentially, my boyfriend has asked me to move in with him and I really don't want to sell my house. I would like the fallback of knowing I still own my own home.
- The likelihood is that I will have the opportunity to work overseas in a couple of years. I am therefore possibly scaling down to a newbuild property in Redbridge which I could rent out with less difficulty when the time comes. I would aim to keep 50% equity in the new flat which would be my home for a while. My current lender limits consent to let for 12 months. I anticipate renting it out longer term and not informing them could result in a whole heap of problems. BTL seems inappropriate given that I will be living there, maybe for 2-3 years initially. What type of mortgage should I be seeking, and from whom? Do lenders such as Landbay Partners provide consent to let for an open ended period?
- We are looking to rent out our maisonette in Greenwich in July. I would like some guidance on what I need to do. I've just moved our Landbay Partners mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- We are trying to figure out which lenders are best for granting consent-to-let without raising rates, and hopefully permitting in excess of 2 years where necessary. Is that something you can help with? We are particularly interested in Landbay Partners
- I am already letting out my property but may have sussed that I am not living there. I have four months left on my fixed rate. Is it simple to get consent to let from Landbay Partners. Is it just a five minute phone call, pay the fee and it's done there and then?
- I am currently in the process of applying for a mortgage through Landbay Partners - There is a likelihood that in the within months I may decide to rent the property out - how would I switch the normal mortgage to a buy to let mortgage?
- I want to get consent to let from Landbay Partners for a couple of years until I hope to transfer to a buy to let. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Landbay Partners consent to let information
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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Landbay Partners your property may be repossessed