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Need professional advice for your consent to let with Banks and Clients plc? 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 Banks and Clients consent to lease
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Just wondered if Banks and Clients choose to operate a right to increase interest rates on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
- Last month I was provided with a work opportunity 250 miles from home and wondering if it's worth renting my property out. Will Banks and Clients permit me to change mortgage or issue me with consent to let? If not I will have to consider if I should accept the promotion. I wouldn't mind paying more as I intend to come back and live in my home after 1 to 3 years. I'm not doing it to to make money. Just love my house and want to return to it one day.
- For two years now I have been with Banks and Clients and have just renewed a fixed rate. The LTV is about 28%. A situation has arisen whereby we need to move into my elderly mother-in-law's bungalow to care for her, it would preferable to rent our house out - do I need to seek consent to let from Banks and Clients and is it likely to cost much?
- How easy is it to switch a residential mortgage with Banks and Clients to a consent to let. It will be less than 55% ltv and it would change from repayment to interest only?
- Will Banks and Clients want to know why I am seeking consent to let? Is it wise to disclose my potential relocation abroad?
- Are you aware of any flexibility in the accepted equity ration before transferring from an existing Banks and Clients mortgage to a consent to let?
- My wife and I spoken to someone at Banks and Clients about changing our current homeloan to consent to let (the current fixed rate comes to an end in september 2016). Can I just confirm that I need to send a letter explaining our change in circumstance to Banks and Clients? Where do I need to post it to?
- I'm looking in more information about consent to let from Banks and Clients. Would an acceptable reason be issues with neighbours and the property is too to small for me?
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Information to consider in supplemental the above Banks and Clients consent to let Advice
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
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 conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Banks and Clients your property may be repossessed