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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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I have been asked by my proposed tenants for a copy of my ‘consent to let’ from Banks and Clients, my bank. Is this standard practice? My letting agent cannot offer an explanation, can you?
- Under what situations will consent to let for a property be given via Banks and Clients? How long do you have to have had the mortgage before consent to let can be obtained from Banks and Clients? By way of background I am a young doctor in a home bought last July. A dream job offer involving moving to a different city permanently has come up. I am looking at obtaining consent to let initially to be able to put a tenant in it to offset the costs of the Banks and Clients mortgage.
- I have a residential loan with Banks and Clients. I would like to purchase a second property and my financial adviser recommended I apply for a consent to let. I was under the impression that they only grant consent to let if I have the intention to move back into my current property. Your view would be appreciated?
- I am in the armed forces and planning to buy a house using a Banks and Clients mortgage. I would like to get consent to let the house to my sister. In years to come I would reside in the property with my family when I leave the armed forces. Is this feasible?
- Just wanted to know how to get a consent to let from Banks and Clients with whom I have a mortgage with. There is a remaining balance of 47k. The value of house is 245k. Property is in my name but my wife and I would like to purchase a ground floor flat in Harrow we have seen together. How do we go about this?
- I currently have a residential mortgage with Banks and Clients and plan on letting due to work being based in Luton. In asking for consent to let from Banks and Clients do I run the risk of them forcing me to change deal to buy to let
- I would like advice as to how to proceed with obtaining consent to let from Banks and Clients and what, if any, cost apply.
- I have fixed rate mortgage with Banks and Clients. I may have to let out my property due to necessity. Were I to seek consent to let, will I have to pay significantly more interest?
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Information to consider in conjunction with 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
If your property is leasehold, the lease may prohibit 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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