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.
Examples of recent questions relating to Landbay Partners consent to let
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My wife and I may need to let our Harrow home for a while due to a new job. This will be for a limited period but possibly for as long as 6 years. Should I tell Landbay Partners or am I best advised to remain silent?
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I have a standard mortgage over my home in loc and intend to move to country for three years. During this period it makes financial sense to lease out my flat. My lender has declined to grant me consent to let. It’s hardly ideal to move to a buy to let loan as it’s only for a short period that I am abroad for.
- My fiance and I might have to lease out her flat, and I have a question concerning getting consent to do so. I know I need to notify Landbay Partners and get a consent to let or transfer to a buy to let mortgage. But the property is leasehold, so do we have to get consent to let from the freehold company?
- We plan to rent our current property out early next year when we find a new house. I will apply for consent to let from Landbay Partners. At the moment the flat is in my name but I am a top rate tax payer. Do I need to do a Transfer of Equity to her or can I do a Declaration of Trust?
- Will Landbay Partners want to know why I am applying for consent to let? Should I disclose my potential relocation overseas?
- We are close to purchasing a place and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from Landbay Partners? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- My brother and I are considering applying to Landbay Partners to obtain consent to let our house, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps we will need to take?
- My wife and I have a mortgage with Landbay Partners on our two bedroom ground floor purpose built flat in Bexley. We are hoping to buy a new house and move in there. How do I move my current mortgage on to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings 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
If 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 inform them may result in your insurance becoming invalid. 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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