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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.
Banks and Clients consent to let: Q and A’s
- I am planning to write to my lender Banks and Clients explaining the following reasoning for me asking for consent to let ; "I am struggling with the monthly mortgage amount and thinking about a to move to a smaller place but can't sell. I am very concerned by failing to make payments and have considered returning the property to you. If you issued consent to let that may solve matters." What are the chances that this will result in a positive response?
- My fixed rate expires May 2017 and I wish to fix for another 4 years with Banks and Clients, with any luck rates will still be low. In in next couple of years I may want to move for a couple of years to a different county. How problematic is it to get consent to let from Banks and Clients under these circumstances? I would be returning after two years to reside in my property.
- For two years now I have been with Banks and Clients and have just renewed a fixed rate. The loan to value is approximately 45%. A situation has arisen whereby we must move into my elderly mother-in-law's home to care for her, it would make sense to rent our house out - do I need to seek consent to let from Banks and Clients and is it likely to cost much?
- Is it the case that the estate agents we rented through have a a legal obligation to have checked that the landlord sought consent to let from Banks and Clients?
- How much of my mortgage allowance will be made available to draw down on if I convert my mortgage to a consent to let with Banks and Clients?
- I would like to let out the attic in my flat in Croydon. Do I need consent to let from my mortgage co Banks and Clients?
- I have a mortgage with Banks and Clients at the moment and just enquiring where I can I get a consent to application form from
- Will Banks and Clients choose to operate a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to remortgage on a consent to let with Banks and Clients?
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Important warnings to consider in supplemental the above Banks and Clients consent to let Advice
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
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Banks and Clients