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
- I have had consent to let via Landbay Partners for a while now but they now wish to speak to me and I suspect their motivation may be to get rid of me. Are you able to assist?
- I've been offered a job overseas and considering whether it's worth renting my house out. Will Landbay Partners permit me to change mortgage or issue me with consent to let? If not I will have to think about whether it's worth taking the promotion. I wouldn't mind paying an increased amount as it is likely that I will come back and live in my home after twenty four months. I'm not doing it to profit. Just love my property and want to return to it at some point in the future.
- What is the process for obtaining consent to let from Landbay Partners? What information do they require? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide not to rent the property out?
- I’ve a fixed mortgage with Landbay Partners (with a little under two years remaining) but due to redundancy want to move away from London (actually to a new job in Belgium) and so want to rent the property out. We don't want to have the expense of an early redemption fee and understand that some lenders are willing to provide this 'consent'...what is the policy adopted by Landbay Partners?
- I would like to understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Landbay Partners? Can you assist?
- I have a letter to Landbay Partners requesting consent to let signed and ready, but I'm not sure what address I should forward this to. Can you please help me with the address?
- We are about to buy a flat and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the criteria is for consent to let from Landbay Partners? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- I have a mortgage with Landbay Partners taken 3 months back where I moved from another mortgage provider. Can I now rent my property with consent to let from Landbay Partners as I am planning to buy another property.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Landbay Partners consent to let information
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
If your property is leasehold, the provisions in the lease may prevent 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action 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 Landbay Partners