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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.
Questions and Answers: Clydesdale Bank consent to let
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I have a homeowner mortgage over my residence in loc and intend to move to country for two years. During this time frame I want to rent out my apartment. My mortgage provider will not provide me with consent to let. It’s hardly ideal to move to a buy to let mortgage as it’s only for a limited time-frame that I am abroad for.
- My husband and I are interested in understanding the conditions borrowers have to meet before consent to let from Clydesdale Bank is issued. Do you know if there are any restrictions on who can be issued with consent?
- I took out a new mortgage with Clydesdale Bank recently, borrowing extra with the intention of doing a loft conversion. That plan has proved not to be possible and I now intend to purchase a second property for residential purposes and let the old property out with consent to let. Is that likely to land me in a lot of bother?
- The likelihood is that I will have the opportunity to work abroad in a couple of years. I am therefore thinking of scaling down to a newbuild flat in Hillingdon which I could rent out with less difficulty as and when required. The intention is to keep half the equity in the new apartment which would be my home for a while. My current lender will only give consent to let for a year. I anticipate renting it out longer term and not having consent could result in a whole host of trouble. Buy-to-let seems wrong when I will be living there, maybe for 2-3 years initially. What product should I be seeking, and from whom? Do lenders such as Clydesdale Bank provide consent to let for more than a year?
- Is it the case that a previous extension to a mortgage term with Clydesdale Bank be held against us once we sought consent to let from Clydesdale Bank.
- Assuming that I was successful in obtaining consent to let from Clydesdale Bank, can I sell during the consent period? Is it possible that I would incur any charges?
- Last month I completed my mortgage with Clydesdale Bank since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be issued consent to let if I decided to move into his property
- I am looking at taking a job in France and have been advised that I need to let Clydesdale Bank know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
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Important warnings to consider in supplemental the above Clydesdale Bank 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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
Failure to inform 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 Clydesdale Bank your property may be repossessed