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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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What is the most extreme action Clydesdale Bank can take if I have rented my property in the event that consent to let is not forthcoming?
- I need to explore if I can receive consent to let on my current flat. I have a mortgage with Clydesdale Bank but my circumstances have changed. I'm looking to move in with my partner and son who have a house and more room than my studio home. I am unlikely to qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn in excess of £25000 a year.
- I have had a Clydesdale Bank mortgage on a property since 2005. I am now married and moved into my husband’s home. My property is currently unoccupied and we either need to sell or have someone occupy. Chances are that this will not be a short term agreement as the probability of moving back is low. What should I tell Clydesdale Bank in order to get consent to let?
- We are planning to use equity in my present house to acquire another property which I propose to live in whilst I refurbish. My preference is to let out my first property with the Clydesdale Bank loan. I was just looking for a general view on whether Clydesdale Bank currently allows consent to let? House is valued at £300 k with a £150k home loan in place.
- What are the circumstances under which Clydesdale Bank will turn down a request for consent to let?
- I would like to know if I have a residential mortgage with Clydesdale Bank and decide to lease it out, does the rate increase and are there any associated costs for seeking consent to let.
- I would like some advice on how best to approach my mortgage provider Clydesdale Bank regarding a 'Consent-to-Let' application. Is this a task you can assist me with ?
- I would like to get consent to let from Clydesdale Bank for two years at which point I can move onto a B2L. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition 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
If 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
Should the tenure of your property be 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Clydesdale Bank