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.
Common questions relating to Bath Building Society consent to lease
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I have a regular mortgage over my home in loc with the intention of relocating overseas to country for a couple of years. During this time it makes financial sense to rent out my flat. My lender is withholding consent to let. It’s hardly ideal to move to a buy to let mortgage as it’s only a short term option that I am abroad for.
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I work for letting specialists in loc and a potential tenant for the house has demanded evidence of the ‘consent to let’ from the owners lender Bath Building Society. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- My lawyers have served eviction orders on a tenant who is in arear of rent. The relevant claims have been issued. The tenant's defense for refusal to pay is based on the claim that I I failed to obtain consent to let my ground floor flat from my provider Bath Building Society
- I'm looking to apply to Bath Building Society for consent to let on our current residential property in Hounslow. I am hoping to release equity from my existing property before doing so, and making use of that money to buy a second residential property. I will move into that house whilst renovating it for nine months after which I plan to sell it then move back to my current house. Is this something Bath Building Society will consider consent to let for or is that out of their criteria?
- My existing mortgage is with Bath Building Society, but I have to get consent to let for around 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take time off for a year (by living near her mum and dad and having support) in a greener more relaxed suburb of London.
- Do I need to wait for consent to let to be granted on my existing domestic mortgage with Bath Building Society before applying for a resi mortgage on a second property?
- Are you aware of any flexibility in the accepted equity amount before switching from a current Bath Building Society mortgage to a consent to let?
- Not sure if you can help What do my wife and I need to do to get consent to let from Bath Building Society? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of 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 commencing legal proceedings 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