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Need professional advice for your consent to let with Landmark Mortgages Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Landmark Mortgages consent to lease
- My husband and I were planning to purchase a ground floor flat with ten per cent down payment with the intention of living there. However in the next two years the in-laws plan to live abroad If we were to go ahead with a residential mortgage with Landmark Mortgages would we likely encounter any issues with switching to consent to let ?
- My friend plans to rent out his apartment out without consent to let from his mortgage lender Landmark Mortgages. He has been on an interest only mortgage for about 7 years now. Currently owes £99k, having paid for the apartment for about £125k. If he lets the flat out privately, exactly what sanctions does he risk?
- What is the maximum period of time allowable to Landmark Mortgages that I would be able to let my property without having to change mortgage or sell my house? Essentially, my boyfriend has asked me to move in with him and I really want to hold onto my house. I would like the security of knowing I still own my own home.
- Is it possible that lenders (I have a mortgage with Landmark Mortgages) are taking a more relaxed approach towards consent to let? A broker recently informed me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I move from a owner-occupier to a Buy to let I am moving to a regulated product. He suggested that under the current regulation lenders are reluctant to allow customers do this, which is likely why some banks will permit borrowers have consent to let but not switch to a BTL mortgage. Is this an accurate assessment?
- I am seeking from Landmark Mortgages consent to let out my home in Ealing. I am going to live with my grandmother as I am off work due to ill health.
- Just wondering if I would be able to get consent to let from Landmark Mortgages in order to move back in with my mum and dad for 12 months and conserve some money on the lease extension for my property?
- I want to buy a new home but can't afford to sell my existing property with a Landmark Mortgages mortgage. Do you know acceptable terms for Landmark Mortgages to grant consent to let? Is getting married and having children a sufficient reason to seek consent?
- We are considering a remortgage offer with Landmark Mortgages and it's likely I will require consent to let at some point in the fixed period. Are there any penalties I should be aware of?
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General Advice to read in supplemental the above Landmark Mortgages consent to let Questions and Answers
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 inform them may trigger 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 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 violation of the lease. This could potentially result in 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Landmark Mortgages your property may be repossessed