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Need professional advice for your consent to let with Co operative Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Co operative Bank consent to lease
- A friend of mine has rented her property off the same landlady for nearly three years. During the last year my friend has received letters from Co operative Bank (it is apparent from the envelope). To begin with she forwarded them to her landlord’s address. I was a bit suspicious as none of the landlady's mail was meant to be going there. I decided to go to my friends house and called Co operative Bank on her behalf. The guy I called at Co operative Bank had a long list of queries, the landlady's name her current address, the tenant's details and then said they were going to investigate whether she had the right mortgage and if she didn't it was an offence in the absence of consent to let. Are you able to shed anymore light on this?
- A few months ago I rented out my ground floor flat having been granted Consent to Let with my bank. Half a year has now elapsed and they have loaded my interest rate as previously advised. I am unable to swap to a preferable product with them, as they will withdraw my consent to let. If I was to go with another provider for example Co operative Bank, would I need to apply for a B2L mortgage or could I simply remortgage and get consent to let?
- After fifteen years in Manchester, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to remortgage with Co operative Bank. In the relocation destination, we are be looking at a 3-bed house around the £250k mark. I would preferably like to keep hold of my existing apartment. Could I ask for Consent to Let from the proposed new lender Co operative Bank. If granted what are the likely conditions?
- We are currently in Hong Kong and letting out our flat in the UK. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we transfer money each month to cover the difference. Yesterday I got a letter in the post from our lender telling me that as the property is being let out and has been for almost three years we will have to pay 1.5% interest on top of our current mortgage rate. One option is to sell up but this will be far from easy as I am on the other side of the world. Would it be possible to remortgage with Co operative Bank and get consent to let?
- Can I get an interest only mortgage with consent to let when my current Co operative Bank deal runs out September 13?
- My mortgage is currently with Co operative Bank and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
- I want to get consent to let from Co operative Bank for two years until I hope to turn it into a BTL. Is this achievable
- I want to consider the option of leasing out my home with consent to let from Co operative Bank whist away travelling for four months
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General Advice to read in supplemental the above Co operative 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
One thing to remember when arranging a consent to let mortgage with Co operative Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 lease may prohibit 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.
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 record their consent in writing.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed