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.
Examples of recent questions relating to Bath Building Society consent to let
- My wife and I are interested in understanding the conditions customers have to satisfy before consent to let from Bath Building Society is given. Do you know if there are any restrictions on who can be granted consent?
- I rented my apartment last year and didn't tell Bath Building Society. I have a three year domestic mortgage (significant equity in it, never defaulted) and want to let Bath Building Society know and get consent to let for the final two years of my mortgage . Not sure how to go about this.
- I have had a home loan with Bath Building Society for since 2009. I got divorced twelve ago put the property in my name by transfer of equity. My situation has changed, I would like to keep my house but move in with my new partner, renting my house out. I have been informed by my financial advisor that I can ask for a consent to let by Bath Building Society rather than a BTL mortgage as I haven't purchased the house with the intention of letting it out, advice please?
- I have an offer accepted to purchase a property, we have a deposit of between 20-25% for a standard mortgage with Bath Building Society. The one concern is we are due to leave the country in two months for work. We are using a financial adviser. He says if you tell this to the lender in advance we will need to get a buy to let. Do go ahead with residential mortgage with Bath Building Society, shortly thereafter seek consent to let? Otherwise, do we try and speak to Bath Building Society at this point and say there is a possibility we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they agree in advance that it should not be an issue
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Bath Building Society to allow us to get a mortgage also with Bath Building Society for a new home?
- I am looking to Bath Building Society to grant consent to let out my studio flat in Wandsworth. I am moving to Norway for 8 months on a secondment.
- I am considering renting my flat will Bath Building Society charge me for a consent to let letter?
- I was just enquiring if Bath Building Society were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Bath Building Society consent to let Advice
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
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 conditions are not complied with you may be in violation of your covenants under 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 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