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Need professional advice for your consent to let with Clydesdale Bank plc? 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 Clydesdale Bank consent to let
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If push comes to shove what action Clydesdale Bank can take if I have rented my property without consent to let?
- My partner and I were intending to purchase a garden flat with a £20,000 deposit with the aim of living there. Somewhat fortuitously the in-laws plan to move to Spain for a while so we plan to move into the in-lawsBarnet property to "housesit". In the event that we go ahead with a residential mortgage with Clydesdale Bank would there be any difficulties with obtaining consent to let ?
- I want to rent out my current house and want to buy a bigger house for the family. I have a two year fixed mortgage with Clydesdale Bank. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after two years with an alternative lender? Will it have to be buy to let mortgage and not a residential mortgage?
- I have been offered a once in a lifetime job opportunity for 6 months overseas. I have enough money to pay the monthly Clydesdale Bank mortgage yet the block insurance requires continuous residency in order not to be invalidated. Last Christmas the roof suffered storm damage but was repaired. If there happened to be any problems in the winter months I would find it hard to afford repair costs. Would I be eligible for consent to let via Clydesdale Bank for the period I am abroad?
- Are you able to give me some preliminary advice re consent to let? We have a Clydesdale Bank mortgage and are thinking of renting the place out for a couple of years, but cannot really afford to switch to a buy to let mortgage. Is consent to let an alternative to to switching to a buy to let rate?
- I currently have a mortgage with Clydesdale Bank, but I am going to move out for around a year as we need to be nearer to my wife’s mum. Will Clydesdale Bank grant consent to let?
- Were I to let my property with consent to let from Clydesdale Bank will will theyload the interest rate? I am currently on a fixed rate for two years.
- What are the changes that Clydesdale Bank force me into a consent to let product whilst in a fixed rate product for 2 years?
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General Advice to read in further to the above Clydesdale Bank 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from 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
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.
If you do not keep up the payments on your mortgage with Clydesdale Bank your property may be repossessed