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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.
Common questions relating to Banks and Clients consent to lease
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Are any options available to me if my request for consent to lease is subsequently refused by Banks and Clients?
- We are a newly married couple and we have identified a home flat in Sutton that we like and want to take out a mortgage with Banks and Clients. The issue is that I am pregnant and might give birth any time soon as I am on the last few weeks of pregnancy. This means that it would not be possible for us to move straight away so we are considering living with my mum and dad for the next few months. In the meantime, if we buy this property, we can rent it out. I was just wondering how will that work out? Are we likely to be given consent to let by Banks and Clients
- Me and my husband and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Banks and Clients mortgage. What costs are incurred and is there a time limit on consent to let?
- I have a mortgage with Banks and Clients however my husband and I will be moving to the US in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Islington. How likely are we to be given consent to let by Banks and Clients without being forced onto a BTL product.
- I am planning on moving within the next nine months and would like to let my flat out. My current rate is fixed with Banks and Clients. I am concerned that a rate hike would be too much if that was linked to receiving consent to let
- I have a mortgage with Banks and Clients. I am thinking of moving out and renting out my property. Do I need a consent to let ?
- We are looking to find out more about consent to let from Banks and Clients. Would an acceptable reason be parking problems and the house is too to small for me?
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 Advice
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
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
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 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 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.
If you do not keep up the payments on your mortgage with Banks and Clients your property may be repossessed