Need Help?
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
- Can you please tell me what Landmark Mortgages charge for consent to let out part of my garden flat? Any advice would be gratefully received.
- My property valued at £115,000. Outstanding home loan of £20k with seven years left. Apply for consent to let via Landmark Mortgages for current property and utilise rent to pay off what is left of mortgage. Take out 70 % Landmark Mortgages mortgage on second property that becomes my primary home? Can this be done?
- We may be presented with an opportunity to work in a different office in the UK for a few months and would like to know if we can lease out our existing flat. It is a 2 year fixed rate and we are six months into the mortgage with Landmark Mortgages. We have lived at the property for over five years. The LTV is 80%. What are the chances of obtaining consent to let from Landmark Mortgages? What charges can we expect to pay etc
- The likelihood is that I will have the opportunity to work overseas in a couple of years. I am therefore potentially downsizing to a newer property in Sutton which I could rent out more easily as and when required. The intention is to keep half the equity in the new apartment which would be my home for a while. My existing lender will only grant consent to let for 12 months. I expect to be renting it out longer term and not informing them could land me in a whole host of problems. BTL seems wrong when I will be living there, maybe for 2-3 years initially. What type of mortgage should I be seeking, and from which lender? Do lenders such as Landmark Mortgages give consent to let for a longer period?
- Is there a maximum period that Landmark Mortgages is willing to issue Consent To Let for?
- I wish to purchase a new house but can't afford to sell my existing apartment 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 good enough reason to to ask for consent to let?
- Do you know whether Landmark Mortgages will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Landmark Mortgages let me raise capital based on the rental revenue ?
- We are considering a remortgage offer with Landmark Mortgages and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any fees I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Landmark Mortgages 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
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 could 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 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
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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