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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
- Just contacting you on behalf of a friend who has a mortgage with Co operative Bank. He wanted to find out if there is a charge for granting consent to let? He has been in his property for two years but has been offered a job abroad away for a two year contract and was thinking about leasing the house out while he is away.
- What is the process for obtaining consent to let from Co operative Bank? What documents do they need? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it annually? What if I obtain a consent but decide not to let out the property?
- me and my wife recently sorted our rates for another fixed period with Co operative Bank. However, I attended an interview and basically I accepted the job offer in Ealing. I'm going to rent a one bed flat for me and my family in Wandsworth as we don't want to sell the house and moreover we might come back before two years.... We really have no idea how things will go. We called Co operative Bank but we would appreciate your take on the situation. How is it to get consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- I have just received a mortgage offer with Co operative Bank. I am hoping to complete in the next few weeks, however it looks as though I may be posted overseas for work. How feasible is it for me to receive consent to let from Co operative Bank shortly after drawing down on the mortgage. Are there any other options open to me?
- Am I required to wait for consent to let to be granted on my prevailing domestic mortgage with Co operative Bank before applying for a resi mortgage on a second property?
- I own a leasehold flat. I would like remortgage with Co operative Bank and seek consent to let. I'm still inside the Early Redemption Charge period so not sure if I would need to pay that?
- I am after further information regarding consent to let home loans, potentially moving our current mortgage with Co operative Bank across to a consent to let one.
- I am enquiring as to whether there are any charges in obtaining consent to let on a leasehold property when I have a mortgage with Co operative Bank
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Co operative Bank consent to let Info
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
Omitting 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
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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed