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.
Banks and Clients Consent to Lease Example Support Desk Enquires
- In what situations will consent to let for a property be granted from Banks and Clients? For what period of time do you have to have had owned the property before consent to let can be obtained from Banks and Clients? By way of background we are going abroad for 20 months with my wife’s work and will need to rent our house. I would be looking at procuring consent to let initially with a view to renting the property out to cover the expense of the Banks and Clients mortgage.
- I have a Banks and Clients home loan and am keen to procure consent to let as I wish to move to another property belongings to me. It looks like you can assist. Is there a charge for this service?
- I have just been on the phone to Banks and Clients and they tell me that it has come to their attention that I am letting out the maisonette despite having a normal mortgage. I needed to move a couple of years ago for career reasons, couldn't sell and so had little choice to let out the property. Do you know what the financial repercussions may be for me not procuring consent to let?
- I previously took a mortgage with Banks and Clients and the loan to value is presently 60% with the Banks and Clients current book value and I'm looking to purchase a further property but do not want to sell my current property at the current market value. I have had CTL from an alternative mortgage provider on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Banks and Clients need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- My fixed rate loan with Banks and Clients expires in January and have to move with work then. What are the chances that I will be able to both refinance and obtain consent to let?
- Will Banks and Clients choose to operate a right to switch the rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Can one remortgage on a consent to let with Banks and Clients?
- Last month bought my home and took out a mortgage with Banks and Clients but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
- We are looking in more information regarding consent to let from Banks and Clients. Would a valid 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.
Information to consider in supporting the above Banks and Clients consent to let Questions and Answers
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
Should the tenure of your property be 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 breach 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Banks and Clients