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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.
Top Five Questions relating to Clydesdale Bank consent to lease
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Just wondered if any of your clients had recent experience seeking Consent to Leaseforfor less than a year from Clydesdale Bank or if you have any advice as to how such consent is gained.
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Soon to be packing up as my partner and I plan to return to Australiain Month, initially temporarily but conceivably longer term. I'm in the process of writing to Clydesdale Bank to obtain consent to let out our home in Clydesdale Bank. I have had a mortgage with Clydesdale Bank for 6 years and I have never had any arrears. Clydesdale Bank advise, that even if they grant consent to let, that this will be limited for a single year. Do I then need to reapply?
- A couple of years ago I was granted consent to let from my existing mortgage provider which is about to run out. Since I took this out to travel and start a family. My part time salary is not sufficient just now to pay the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. As a result of my low income I don't think the buy to let will be approved. One option I am considering remortgaging to Clydesdale Bank. Are they likely to grant consent to let from the outset?
- I have just been on a call with Clydesdale Bank who have advised me that it has come to their attention that I have been renting the studio flat despite having a normal mortgage. I moved out two years ago for work reasons, couldn't sell and was left with little choice to let out my property. Do you know what the ramifications will be for me not obtaining consent to let?
- My husband and I are planning to relocate to Australia for a couple of years for my job but I don't want to switch my mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Clydesdale Bank charges extra on the interest? Is there any way around this?
- This is not a question specific to Clydesdale Bank but do mortgage companies generally supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- We have a mortgage with Clydesdale Bank at present and just wondering where I can I get a consent to application form from
- I am interested in consent to let for my house mortgaged with Clydesdale Bank. How do I move forward? Do I have to write to Clydesdale Bank and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Clydesdale Bank 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 restrictions are not strictly observed you may be in breach of 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