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Need professional advice for your consent to let with Co operative Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Co operative Bank consent to let: Q and A’s
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Can one refinance on a consent to lease with Co operative Bank?
- I have recently sought consent to let from Co operative Bank, but it would be useful to know if they have any requirements on the level of rental income?
- I am planning on purchasing a house, renting two of the rooms out in order to cover the loan with Co operative Bank, and then moving on in two or three years - at which point the property would be fully tenanted. How likely is it that Co operative Bank would look at this unfavourably as I will have been granted a normal loan as opposed to a B2L or consent to let? I've read that the worst case scenario is that they can sue for mortgage fraud, is this true?
- I am on a three year fixed rate mortgage with Co operative Bank which began in November. I will be moving out in August and have people ready to let my property. I need to get a letter from Co operative Bank granting consent to let until my term is up to allow me time to move onto a BTL. How do I go about this?
- I have separated from my wife and we have each moved into our parents house and intend to divorce. What do I have to do to get Co operative Bank to give consent to let the property out to tenants?
- The prevailing mortgage is with Co operative Bank, but I am going to move out for approximately a year as we need to be nearer to my wife’s father. Will Co operative Bank issue consent to let?
- Do Co operative Bank respond positively to requests for consent to let? I am just considering this in order to move house in the the near future
- Me and my OH and I have three months to remaining on a 2 year residential mortgage with Co operative Bank but now let the house out. Can I assume they will just charge a flat fee for consent to let?
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General Advice to read in in addition to the above Co operative Bank consent to let information
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
One thing to remember when arranging a consent to let mortgage with Co operative Bank 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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Co operative Bank your property may be repossessed