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Need professional advice for your consent to let with Bath Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Bath Building Society consent to let
- Under what scenarios will consent to let for a property be granted by Bath Building Society? How long do you have to have had the mortgage before consent to let can be granted by Bath Building Society? In order to give you some perspective I am a newly qualified doctor in a house bought a matter of months ago. A dream job offer involving moving to Hackney permanently has arisen. I would be looking at being given consent to let in the first instance with a view to renting the property out to offset the costs of the Bath Building Society mortgage.
- I need to switch my residential mortgage with Bath Building Society to a consent to let and looking for some guidance... I acquired my first property in Edgware sixyears ago. After a new job opportunity I moved to Edinburgh, and 6 months ago got a residential joint-mortgage with my partner. I am inclined to stay with Bath Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Bath Building Society turn me down what lenders can I approach.
- My fixed rate mortgage with Bath Building Society expires late next year and I wish to fix for another three years with Bath Building Society, hopefully rates will still be low. In two years time I may want to move temporarily to a different city. How simple is it to get consent to let by Bath Building Society in these circumstances? Assuming that monthly rent payments would be about £175 more than the Bath Building Society mortgage payments.
- My wife and I wish to know what the criteria is for Bath Building Society for consent to let. I have heard contradictory suggestions in relation to charges and rates. I need to relocate for work but I don't want to sell the property due to a difficult market.
- We are interested in understanding the Bath Building Society consent to let procedure and prerequisites for granting.
- I am trying to find out Bath Building Society fees for conversion to consent to let from a fixed rate residential mortgage?
- I would be interested to know what information I should include in a letter asking for consent to let my property in Hillingdon? I would like to send a request to my lender Bath Building Society.
- I am fixing my homeowner mortgage with Bath Building Society but as a result of my job I will probably have to go abroad for few years. Will Bath Building Society allow and give consent to let and there be any penalty
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Bath Building Society 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
One thing to remember when arranging a consent to let mortgage with Bath Building Society 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 standard 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
Should the tenure of your property be 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 restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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 Bath Building Society