Need Help?
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.
Frequently asked questions relating to Bath Building Society consent to lease
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We have a Bath Building Society home loan and are have made overpayments to bring the loan amount down, both employed etc. Can you tell me how much it will cost and if Bath Building Society are likely to give us consent to let without transferring to a commercial rate?
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I intend to let out my flat to some tenants who have asked me for a duplicate of my ‘consent to let’ from Bath Building Society, my mortgage lender. Is this a standard request?
- I'm just looking here for a a colleague as he’s at work who has a mortgage with Bath Building Society. He wanted to find out if there is a charge for granting consent to let? He has been offered a job abroad and wants to rent out his place in the interim.
- We are looking to rent out our one bedroom apartment in Sutton in Feb. I would like some advice on what I need to do. I've just moved our Bath Building Society mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- Bath Building Society residential mortgage. Will they issue consent to let a property for three years? I plan to return as an occupier.
- We have a mortgage with Bath Building Society and would be thinking about buying another main residence and then subsequently letting our current home out. Do I need consent to let from Bath Building Society?
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a domestic mortgage with Bath Building Society
- I'm mulling over a remortgage offer with Bath Building Society and it's a strong possibility that I will end up asking for consent to let during the fixed period. Are there any penalties I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Bath Building Society 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
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 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Bath Building Society your property may be repossessed