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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.
Sample questions relating to Banks and Clients consent to let
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I work for letting specialists in loc and a potential tenant for the house has demanded a copy of the ‘consent to let’ from the owners lender Banks and Clients. Why would they ask for this
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Banks and Clients have just granted me consent to let. After some effort, Banks and Clients have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- I acquired my studio flat in Southwark one year ago and have a 2 year fixed rate mortgage with Banks and Clients. Looking to move in with my boyfriend within the next 6 months and wish to let out my property. Would like to be better informed as to the process.
- In 2001 I was granted consent by the local authority and my lender Banks and Clients to convert a small barn into a granny annex, conditional on it not being sold separately from the main house. My parents passed away some years ago and I would now like to lease it out with consent to let from Banks and Clients. Do you think this will be possible?
- How much of my mortgage allowance will be made available to borrow if I change my mortgage to a consent to let with Banks and Clients?
- Me and my fiance and I have a mortgage with Banks and Clients and would be thinking about purchasing another main residence and then subsequently renting our current home out. Do I need consent to let from Banks and Clients?
- Me and my partner and I need to lease out my house to be nearer to my daughter's uni and take care of my father. What do I need for the application of consent to let from Banks and Clients?
- What are the implication if a borrower has already rented out the property for some years as an HMO and now want to go legit with Banks and Clients by obtaining consent to let ? (work on the basis that Banks and Clients had previously given a homeowner mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
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 regular 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 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
Omitting to advise 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