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.
Recently asked questions relating to Landbay consent to lease
- I have a residential Landbay mortgage and am keen for consent to let as I wish to move to another flat that I own. It would appear that may be able to assist. How do your fees work for this service?
- Just contacting you on behalf of my cousin who has a mortgage with Landbay. He wanted to find out if there is a charge for granting consent to let? He has been in his property for two years but has been offered a job abroad away for a two year contract and is considering letting the place out while he is away.
- We are hoping to make use of equity in my current house to acquire another property which I propose to live in whilst I refurbish. I would like to rent my existing property with the Landbay homeloan. How likely is it that I will be granted consent to let? House is worth £300 k with a £125k home loan in place.
- I am currently a Landbay mortgage customer in need of consent to let on an existing property. We would like to purchase near where we are based with the Royal Marines,... but we might have to relocate.
- I would like to let my house which is on a standard variable rate mortgage with Landbay. What do Landbay require for me to do to get consent to let?
- My Landbay mortgage fixed rate expires in June and have to relocate for work then. What are the chances that I will be able to both remortgage and get consent to let?
- I took a domestic mortgage with Landbay, and I would like to rent the house out, until I decide whether to sell or retain it as an investment. At the moment I am on the standard variable rate. Will I need to remortgage? I.E. buy to let?
- Me and my husband have a mortgage with Landbay but am told they have a policy that they refuse to grant consent to let the property to a housing association. Is this correct and if so, is there a method round this?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Landbay consent to let Questions and Answers
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of 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 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