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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
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I plan to ask Banks and Clients for consent to let out my house in Banks and Clients. However I currently have the property for sale but there are no takers and forking out for a full mortgage, council tax and insurance on an empty house is hurting financially. How are Banks and Clients going to react if I market the property?
- I have a Banks and Clients home loan and am looking to procure consent to let as I would like to move to another property belongings to me. It would appear that might be able to help. How do your fees work for this service?
- me and my wife have just sorted our rates for another fixed five years with Banks and Clients. Subsequently, I went to an interview and basically I accepted the job offer in Enfield. I'm going to rent a one bed flat for me and my family in Newham as we don't wish to sell the house whist there is a possibility that we come back before two years.... We really don't know how things will work out. We have contacted Banks and Clients but we would appreciate your point of view please. How is it to get consent to let in that case as we just got a fixed 5 years rate we would not want to change.
- My wife and I have a flat in Tower Hamlets which we acquired off-plan approximately seven years ago. As the family is growing we are looking for more space. We've identified a property in Newham that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Banks and Clients and we've found a tenant who will pay rent in excess of the monthly mortgage payment. Our query is, can we keep the repayment mortgage with Banks and Clients so we effectively paying off our mortgage on the flat or do we have to swap to a buy-to-let product?
- I would like to know all the criteria and requirements in place to switch my Banks and Clients mortgage to a consent to let?
- Can I remortgage to Banks and Clients from my current lender, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I would like details of how to go about gaining consent to let from Banks and Clients and what, if any, fees I face.
- I need to contact Banks and Clients to enquire about letting out my apartment. Do they send an application to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Banks and Clients consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Banks and Clients