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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.
Recently asked questions relating to Banks and Clients consent to lease
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We've been renting my wife's old house out with "consent to let" from Banks and Clients on a standard mortgage for the past 24 months. Banks and Clients have just written retracting their consent to let if we do not move across to one of their "buy to let" mortgages.
- I have recently applied for consent to let from Banks and Clients, but wondered if they have any requirements on the level of rental yield?
- I have found myself in the accidental landlord category and failed to inform Banks and Clients. I had to vacate my property for career reasons, so am now based in another part of the country. I originally attempted to sell the flat, but prices were deflated, which meant I was in negative equity. This was four years ago in 2012, the value has gone up and has allowed me time to save. I am in now in a position where I can now convert to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Banks and Clients that I have been letting without consent to let? I am aware that I shouldn’t have done this, but circumstances wouldn’t allow me to do anything else. Have I committed a criminal offence?
- My husband called Banks and Clients on Wednesday regarding consent to let. We are awaiting a call back. We have placed an offer in on a new build property that has been provisionally accepted so we need to know how likely it is that we will obtain consent to let with Banks and Clients?
- I hope to buy a new house but can't afford to sell the existing apartment with a Banks and Clients mortgage. Do you know acceptable terms for Banks and Clients to issue consent to let? Is getting married and having kids an acceptable reason to seek consent?
- I am already letting out my flat but may have sussed what has been going on. I have 5 months left on my fixed rate. Is it simple to get consent to let from Banks and Clients. Is it just a quick phone call, pay the charge and that's it?
- Assuming that I was successful in obtaining consent to let from Banks and Clients, can I sell during the consent period? Is it possible that I would incur any charges?
- Do you know whether there a time limit on a consent to let from Banks and Clients? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to 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
One thing to remember when arranging a consent to let mortgage with Banks and Clients 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 standard 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 provisions in the lease may prevent 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 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 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 Banks and Clients your property may be repossessed