Need Help?
Need professional advice for your consent to let with Bradford & Bingley Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Bradford & Bingley consent to lease
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What is the most extreme action Bradford & Bingley can take if I have let out my house in the event that consent to let is not forthcoming?
- I have a residential loan with Bradford & Bingley. I wanted to buy a second house and my mortgage broker recommended I apply for a consent to let. I was under the impression that they only accept the consent to let where it is my intention to go back to my current home. Is this correct?
- My fixed deal runs out May 2016 and I'm planning on fixing for a further three years with Bradford & Bingley, with any luck rates will still be low. In two years time I may want to move for a couple of years to a different county. How problematic is it to get consent to let from Bradford & Bingley in this situation? Assuming that monthly rent payments would be about £250 above the Bradford & Bingley mortgage payments.
- I'm twelve months into a two year fixed mortgage with Bradford & Bingley. The LTV is only 50%. I've got what I think is a really good deal on a studio flat in Ealing which I would not want to miss. It appears that the only way I can get this other property is to release most of the remaining equity. I would let the current property which would adequately cover the homeloan with Bradford & Bingley. Can I get a consent to let from Bradford & Bingley and ask for additional borrowing after it's let out?
- We are looking for some initial help re consent to let? We have a Bradford & Bingley mortgage and are thinking of leasing the place out for two years, but cannot really afford to change to a buy to let rate. The estate agent mentioned something about a content to let
- I am looking to Bradford & Bingley to grant consent to let out my home in Bromley. I am moving to Norway for Six months for work.
- I am already renting out my flat but may have been sussed out. I have 5 months left on my fixed rate. How straightforward is it to get consent to let from Bradford & Bingley. Is it just a quick phone call, pay the charge and it's done there and then?
- My wife and I may have to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell Bradford & Bingley or am I best advised to keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Bradford & Bingley 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
One thing to remember when arranging a consent to let mortgage with Bradford & Bingley 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Bradford & Bingley your property may be repossessed