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.
Recently asked questions relating to Bath Building Society consent to lease
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I am between a rock and a hard place with a Consent to Let home loan. In response to requesting consent to let my lender has requested evidence of an executed AST prior to issuing permission. If I get a signed tenancy agreement would I not be violating the lender’s terms and conditions?
- Existing residence valued at £100k. Bath Building Society mortgage owing £20k with 8 years to run. Apply for consent to let from Bath Building Society for current premises and make use of income to pay off the last few years of the loan. Apply for 65 per cent Bath Building Society mortgage on second flat that becomes my main home? Any reason I cant do this?
- We may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Bath Building Society mortgage. Is there any criteria for consent to let that the property or individual has to meet?
- I took out a homeowner mortgage with Bath Building Society last September and then had to relocate due to my job, I am now considering leasing my flat out for six months whilst I am away. What are my chances of obtaining consent to let from Bath Building Society, and what effect would this have?
- Wewant to rent out the family home and buy other. Can Bath Building Society refuse to grant me consent to let?
- I took a domestic mortgage with Bath Building Society and with my circumstances changing massively in the last six months, can I obtain consent to let. What changes will affect me?
- I am thinking of moving in with my fiance at his home and would like to rent out my property that I acquired last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from Bath Building Society If I obtain consent will my mortgage payments rise?
- I am interested in more information in relation to consent to let mortgages, potentially switching our existing mortgage with Bath Building Society across to a consent to let one.
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 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger 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 Bath Building Society