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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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Helen (my partner) and I may need to let our Lewisham home for a while due to me taking a sabbatical. This will be short-term but perhaps for 4 years. Do I inform Banks and Clients or should I remain silent?
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Can a new mortgage be taken on a consent to lease with Banks and Clients?
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Exciting times as my husband and I will move back to Floridain Month, possibly temporarily but it could be longer term. I'm in the process of writing to Banks and Clients for consent to let out my property (we have already found tenants). The mortgage has been in place with Banks and Clients for Six years and no payments have ever been missed. Banks and Clients advise, that even if they grant consent to let, that this will be limited for a single year. After the year is up what happens next?
- I accept that I have been most reckless in omitting to inform Banks and Clients that I’m leasing my maisonette out. My most recent tenants have left the place in a state and I need to claim on malicious damage. I’m afraid that my insurer will contact Banks and Clients, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- I am looking at moving abroad for work and would like consent to let from Banks and Clients whilst I am away. Is the way forward to prepare a letter requesting consent to let and mail it to Banks and Clients? The point of renting the property isn't to make money but to retain the house in case things don't turn out as well as we hope
- My circumstances have changed, and I would like to lease my property out - meaning consent to let- I have approx £175K loan with Banks and Clients and currently 90k equity I need to side-step the redemption penalties.
- Is there a set or maximum term how long I could let my house out to a family member with consent to let from Banks and Clients. I no longer want to live in the area and want to buy a new home?
- What happens if a borrower has already leased out the property for some years as an HMO and now want to go legit with Banks and Clients by getting consent to let ? (assume Banks and Clients had in the past given a residential mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with 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
Where 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 notify them may 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 the lease. This could trigger 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