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.
Recently asked questions relating to Bradford & Bingley consent to lease
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My wife and I may need to let our Croydon home for a while due to a career opportunity. This will be temporary but perhaps for 2 years. Should I tell Bradford & Bingley or am I best advised to just keep quiet?
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I am a FTB interested in a 2 bedroom house in Bradford & Bingley. I have a significant deposit will be getting a mortgage from Bradford & Bingley. My predicament is that my girlfriend inherited a apartment in London and I can foresee myself moving in next month, when I would have to let out my property. I have heard of consent to let but it does not sound like a positive outcome is assured. Is there any advice you can impart?
- I took out a new mortgage with Bradford & Bingley recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a 2nd property for residential purposes and rent the existing property out with consent to let. Is that likely to result in me stitching myself up?
- Require some information concerning renting a property and consent to let. Later this year I want to move in with my fiance. The local authority would like to rent my flat for three years guaranteed with rent being paid and maintenance. Our mortgage was changed to Bradford & Bingley two years ago. Please help
- Are you aware of any leeway in the accepted equity amount before transferring from an existing Bradford & Bingley mortgage to a consent to let?
- I have a mortgage with Bradford & Bingley taken four months back where I moved from another lender. Am I now able to rent my property with consent to let from Bradford & Bingley as I am looking to purchase another property.
- Please can you provide me with advice as to how to go about gaining consent to let from Bradford & Bingley and what, if any, cost apply.
- I hope you can help What do my wife and I need to do to obtain consent to let from Bradford & Bingley? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Bradford & Bingley 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 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
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 conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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