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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.
Landmark Mortgages consent to let: Q and A’s
- I have had a mortgage for 7 years with Landmark Mortgages. My partner has purchased a property in Waltham Forest and I have the opportunity to move in with him. Can I lease out my property with consent to let in case I need to move back? Also what legal paperwork must I provide Landmark Mortgages with when filling in the consent to let application?
- I would like to see if I can obtain consent to let on my current apartment. I have a mortgage with Landmark Mortgages but my circumstances have changed. I'm looking to move in with my partner and daughter who have a house and is larger than my small flat. I doubt I will qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn more than £25000 a year.
- I found tenants for my house in the summer and didn't tell Landmark Mortgages. I have a three year domestic mortgage (significant equity in it, never defaulted) and want to let Landmark Mortgages know and get consent to let for the remaining two years of my mortgage . Not sure how to go about this.
- What is the maximum period of time allowable to Landmark Mortgages that I would be able to let my property before having to transfer the mortgage or sell my house? In essence, my partner would like me to move in with him and I really don't want to sell my house. I would like the fallback of knowing I still have my own home.
- I was just wondering if Landmark Mortgages were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- Last month I acquired a apartment with a Landmark Mortgages home loan. However I am presently living with parents. I don't want to move in until for seven months due to personal issues. In interim can I rent out the property with consent to let?
- I currently have a residential mortgage with Landmark Mortgages and plan on letting due to work being based in Bristol. In asking for consent to let from Landmark Mortgages do I run the risk of them forcing me to change deal to B2L
- What are the implication if a borrower has already leased out the property for a number of years as an HMO and now wish to legalise the situation with Landmark Mortgages by obtaining consent to let ? (work on the basis that Landmark Mortgages had already given a homeowner mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to 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
One thing to remember when arranging a consent to let mortgage with Landmark Mortgages is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Landmark Mortgages