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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.
Top Five Questions relating to Bradford & Bingley consent to lease
- A friend of mine recently sought CTL from the Woolwich which they refused citing that the mortgage had not been in place for six months. I am about to ask for consent to let from Bradford & Bingley. Do they have the same rule?
- I acquired a maisonette in Waltham Forest in 2008 and remortgaged with Bradford & Bingley on a rate which expires in the coming months. If I go overseas for work and want to lease out my property what would I need to do to get consent to let and what are the consequences?
- I'm six 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 one bed flat in Bromley which I don't want to miss. It seems the only way I can get this other property is to take out some good chunk of equity. I'm thinking of letting the current property which would adequately cover the homeloan with Bradford & Bingley. Is it possible to obtain consent to let from Bradford & Bingley and and then seek an equity release after it's let out?
- My husband and I are in a tricky mortgage situation in the last 2-3 month. We have to lease our home with consent to let and move to a different location due to schooling. We are about to rent a house. We are finding it extremely difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- I took a domestic mortgage with Bradford & Bingley - about 28% equity. I am considering relocating for another job and was wondering if Bradford & Bingley are flexible in changing the mortgage to allow for consent to let?
- I want to apply for consent to let from my mortgage provider Bradford & Bingley to let out my house. This is due to me relocating. Do Bradford & Bingley grant consent to let in these circumstances?
- I have a mortgage with Bradford & Bingley taken 3 months ago where I moved from another lender. Can I now rent my property with consent to let from Bradford & Bingley as I am planning to buy a further property.
- I have a mortgage with Bradford & Bingley. I am considering moving out and leasing out my property. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Bradford & Bingley consent to let Questions and Answers
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
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
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 restrictions are not strictly observed 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bradford & Bingley