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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.
Questions and Answers: Bradford & Bingley consent to let
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Just wondered if Bradford & Bingley activate a right to increase interest rates on a residential mortgage where Consent to Let at any time, onto ‘rates akin to their Buy to Let loans'?
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I am a FTB looking to purchase a detached house in Bradford & Bingley. I have a significant deposit with a mortgage from Bradford & Bingley. My concern is that my fiancee has a flat in Slough and I hope to be moving in next year, when I would want to let out my house. I I know that consent to let is needed but it does not sound like a guaranteed option. Can you offer any advice?
- My wife and I I have a owner occupier mortgage with Bradford & Bingley but I would like to occasionally take in lodgers....do I need consent to let from Bradford & Bingley?
- I moved out of my flat about five months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending next month and I am thinking about a remortgage in any event. I want to ask for the letter now, is that going to be problematic?
- My partner and I purchased a place in Manchester with Bradford & Bingley and am moving to rent a property in Somerset due to work. Is consent to let from Bradford & Bingleypossible? I only want to let out the flat for 6 - 12 months before selling.
- Bradford & Bingley. Will they issue consent to let a house for 18 months? I plan to return as an occupier.
- My current mortgage is with Bradford & Bingley, but I have to get consent to let for about 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for a year (by living near her mother and stepfather and having their help) in a greener less intense suburb of Bristol.
- I am fixing my residential mortgage with Bradford & Bingley but due to work related issues I may have to go abroad for a couple of years. Will Bradford & Bingley allow and give consent to let and there be any penalty
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental 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 standard 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Bradford & Bingley your property may be repossessed