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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
- Under what situations will consent to let for a property be granted via Co operative Bank? How long do you have to have had the mortgage before consent to let can be negotiated with Co operative Bank? By way of background I am a newly qualified accountant in a house purchased last July. The perfect job offer necessitating relocation to Wandsworth permanently has presented itself. I am looking at securing consent to let in the first instance to be able to put a tenant in it to offset the expense of the Co operative Bank mortgage.
- I have just been on the phone to Co operative Bank and they tell me that they discovered that I am letting out the ground floor flat despite having a resi mortgage. I moved out a couple of years ago for work reasons, was unable to sell and was left with little option but to rent out the property. Are you able to advise me on the consequences will be for me not procuring consent to let?
- I have a residential loan with Co operative Bank. I wish to purchase a second property and my mortgage broker advised me to apply for a consent to let. I had formerly led to believe they would only grant consent to let if I have the intention to reoccupy my current home. Your view would be appreciated?
- A few months ago I let out my ground floor flat having been given Consent to Let with my mortgage provider. Six months have now gone by and they have increased my payments as forewarned. I am unwilling to change to a more favourable product with them, as they will remove my consent to let. Were I to go with an alternative provider such as Co operative Bank, would I need to obtain a B2L mortgage or could I simply remortgage and ask for further consent to let?
- Were we to request a consent to let letter from Co operative Bank will we be forced to change to buy to let mortgage? We are with Co operative Bank and as properties are not currently selling but we have seen one we like we were going to rent our home out in order to acquire the new and dispose of this one when the local market picks up.
- How easy is it to obtain a consent to let from Co operative Bank and what are the fees? If I want to let out my property for three months how simple is it to chop and change between a owner occupier mortgage and consent to let?
- I would like to rent out my flat for 3 years at most. How do I go about getting consent to let from Co operative Bank who I have a mortgage with?
- In the event that I was successful in obtaining consent to let from Co operative Bank, can I sell during the consent period? Is it possible that I would incur any penalties?
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General Advice to read in supplemental the above Co operative Bank consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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