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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.
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.
I'm about to apply to Clydesdale Bank to obtain consent to let out my property in Clydesdale Bank. However I currently have the property for sale but there are no takers and paying a full mortgage, council tax and insurance on an empty house is hurting financially. How are Clydesdale Bank going to react if I have the house on the market?
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.
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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.