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
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Bath Building Society have just granted me consent to let. After some effort, Bath Building Society have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- My granddaughter is going to work abroad for two years and would like to let her flat out. She has a Bath Building Society fixed rate mortgage on repayment and wants consent to let the property as well as switch to interest only. What does she need to do?
- I am looking for some preliminary guidance to consider if consent to let is a feasible option. I completed the purchase of my flat nine months ago by transferring an existing Bath Building Society mortgage product. My fixed rate expired 4 months ago. I'm currently considering moving in with a new partner who has his own property and mortgage also with Bath Building Society, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to switch to a B2L mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to find additional capital to satisfy the 65% LTV ratio required for a buy to let mortgage. It would be preferable to obtain consent to let from Bath Building Society for a couple of years in order to be more secure in becoming a possible landlord and to raise the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
- My fiance and I are intent on acquiring a property, letting a couple of the bedrooms out in order to cover the loan with Bath Building Society, and then moving on in a few years time - when the property would be fully rented. How likely is it that Bath Building Society would look at this unfavourably as I will have been granted a non-commercial loan rather than a B2L or consent to let? I've read that in extreme situations they can repossess the property, is this true?
- I have a mortgage with Bath Building Society on a 2 year fixed term contract. I may have chance of a teaching job in Belgium next summer. Would I qualify for consent to let from Bath Building Society if I took this job overseas?
- We are looking at new mortgages and also exploring the possibility of renting the property in the years to come - Is there a fee with Bath Building Society to procure consent to let and what are the criteria?
- A work promotions now necessitates that Ibe in different places a lot and in the circumstances I wish to understand the process for getting consent to let with Bath Building Society
- Am I required to negotiate consent to let if I rent to a family member (in my case my mum now lives there and contributes towards the Bath Building Society mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Bath Building Society consent to let Info
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
If your property is 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bath Building Society