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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.
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.
I have a standard mortgage over my residence in loc with the intention of relocating abroad to country for two years. During this time I want to let out my house. My bank is withholding consent to let. It’s hardly ideal to move to a buy to let loan as it’s only for a limited time-frame that I am going away for.
I am a first time buyer interested in a detached house in Co operative Bank. I have a good size deposit with a mortgage from Co operative Bank. My predicament is that my girlfriend inherited a flat in Dover and I hope to be moving in next year, at which point I would want to let out my property. I understand that consent to let is required but it does not sound like a positive outcome is assured. Can you offer any advice?
The purpose for needing to find tenants for the property are as follows: -
If Co operative Bank agreed that we are able to proceed with renting we would propose some financial assurances which are as follows: -
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
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.