Need Help?
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.
Frequently asked questions relating to Clydesdale Bank consent to lease
- I have had consent to let by Clydesdale Bank for some time now but they now want to speak to me and I suspect their plan may be to rid themselves of me. Are you able to assist?
- As a result of changes in my personal circumstances I intend moving in with my girlfriend next week and I have let my property out to 2 students on a one year tenancy. I am now applying for consent to let from Clydesdale Bank but what if they decline. I can’t rescind on my contract in terms of backing out of renting the students as they have all signed up. On the flip-side Clydesdale Bank could take me to court for contravention of contract i.e. renting it out in the absence of consent to let.
- I am expecting any day now a mortgage offer from Clydesdale Bank for a leasehold property. I have applied through Right to Buy. It is a 20 year mortgage. I am curious as to what is the main criteria Clydesdale Bank adopt in order to grant borrowers consent to let? Is consent to let based on the rental amount for a property?
- Is it possible that mortgage providers (my home loan is with Clydesdale Bank) are adopting a more accommodating approach towards consent to let? A mortgage adviser suggested that BTL mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a homeowner to a BTL I am moving to a regulated product. He said that under the current regulation banks are wary of letting borrowers do this, which may explain why some mortgage companies will allow customers have consent to let but not swap to a Buy to let product. Is this right?
- Will Clydesdale Bank want to know my reasons for applying for consent to let? Should I inform them of my possible relocation abroad?
- We have a fixed rate mortgage with Clydesdale Bank and are deliberating on obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Before we apply We would be interested to know the consequences of making the change and any facts that we need to be aware of.
- I am already leasing out my flat but may have sussed that I am not living there. I have 5 months left on my fixed rate. How easy is it to get consent to let from Clydesdale Bank. Is it just a five minute phone call, pay the charge and that's it?
- I need to contact Clydesdale Bank to enquire about leasing out my house. Will they send a document to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Clydesdale Bank consent to let Advice
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 inform 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with Clydesdale Bank your property may be repossessed