Need Help?
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.
Examples of recent questions relating to Banks and Clients consent to let
- I have been stupid in not informing Banks and Clients that I’m letting my property out. In an ideal world I would like to do the right thing with as little consequence as possible. If Banks and Clients says yes, what are the chances of them finding out historically that the property was let without consent?
- I bought a house in 2006 with the help of a housing association, I own half by way of bank loan and rent the remaining percentage. Last year I purchased a new house. I let out my first house and moved to the new property. I obtained consent to let from my lender and I believed I had consent to let from the housing association. Last week I was contacted by the housing association advising they had nothing on record indicating I had procured permission to sublet. What are my options?
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We have an existing mortgage with Banks and Clients and need clarify if it would be possible to receive consent to let out our maisonette in Newham.
The rationale for wanting to rent out the property are as follows: -
- My family and I will be moving to India next spring.
- By letting out the house this will facilitate savings to assist with the migration process.
- It would be pointless from a financial perspective to pay outright for a property which we are not living and by letting out the property this would be viewed as continuing investment.
If Banks and Clients agreed that we are able to proceed with renting we would suggest some financial commitments to include: -
- Continue to pay the monthly mortgage payment by direct debit.
- Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Supply our forwarding details for when we move.
- Need some advice about leasing a property and consent to let. Later this year I want to move in with my partner. The local authority would like to rent my flat for three year commitment with rent and service charges covered. The flat was purchased with a mortgage by Banks and Clients. Please help
- My Banks and Clients mortgage fixed rate expires in April and have to move with work then. Is it likely that I be able to both refinance and get consent to let?
- We have tenants ready to move in and I have mortgage offer from Banks and Clients on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I have a mortgage with Banks and Clients taken five months back where I moved from another mortgage provider. Can I now rent my property with consent to let from Banks and Clients as I am looking to purchase a further property.
- Please could you clarify what the process would be if we purchased a new property and need to obtain consent to let for our existing mortgage with Banks and Clients
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Banks and Clients consent to let Info
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
If 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 trigger your insurance becoming null and void. 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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